First-time sellers 'get stressed'

First-time sellers are collectively spending an additional £400 million a month on mortgage payments when taking their first steps up the property ladder.

This, combined with the impact of being in a chain, makes selling for the first time a more stressful experience for many than buying their first property.

More than eight in ten first-time sellers are forking out more money each month on mortgage repayments after they have moved for the first time, according to research by First Active and Datamonitor.

Nearly a third of first-time sellers have to spend an additional £200 a month after buying their second property, which collectively equals an extra £400 million every month.

Six in ten first-time sellers found buying their second property a stressful experience, compared to just half of first-time buyers.

Much of this is caused by the impact of being in a chain – which as sellers is much more marked than for first-time buyers – while legal aspects associated with selling can also prove stressful.

"A lot of focus has previously been placed on the plight of first-time buyers, but if can be tough even when you get on the ladder," said Andrew Nicholson, First Active's marketing manager.

"The fact people spend £400 million a month extra on their mortgage repayments when they buy a second home is quite staggering, as well as the sacrifices that people are prepared to make to help them move up the ladder."

The report also shows that first-time sellers are prepared to make sacrifices to get what they want for their next property, with a quarter prepared to move into a home that needed a lot of improvement.

Location is important when first-time sellers look to buy their next property, with 44 per cent citing it as a key factor compared to 39 per cent of first-time property owners. Size is the most important factor for 13 per cent of first-time sellers, compared to six per cent buying for the first time. XXX