A first home is not where the heart is: brits leave their first home after just 4.5 years

The average lifespan of a first home is just four and half years compared to eight years for a second or third home, with compromises on space and location driving many first-time owners to quickly move on, according to new research out today from Santander UK.   

Despite the common adage of home being where the heart is, it seems buyers today are acting with their heads when it comes to their first property, with one in four (25%) saying they feel no emotional attachment and see it as more of a stepping stone. This differs from earlier generations, where one in five Brits aged over 80 still live in their first property. 

Compromises on space are one of the driving forces behind buyers look to move on shortly after buying, with the mortgage lender finding that more than half of first-time buyers (51%) are buying either a studio flat or a property with 1-2 bedrooms, to secure an initial foot on the property ladder. This is despite 18% of first-time buyers having at least one dependent in 2024, according to Santander’s own data.   

Homeowners also report that one of the reasons why they move on so quickly from their first home is due to its location, with data from Santander UK showing that a lack of suitable properties and affordability constraints pushed two thirds (67%) of first-time buyers to purchase in a neighbourhood they had never seen before.  

As a result, homeowners are accelerating their drive to become next-time buyers, due to the desire for a larger home (37%), a more desirable location (18%), proximity to family (18%) and wanting a garden (14%).  

David Morris, Head of Homes at Santander UK commented: “While many of us might feel sentimental about the day we got our first set of keys, the new wave of more savvy first-time owners seems to be increasingly pragmatic about their first home purchase. Given the ever-present affordability challenges faced by today’s first-time buyers, many are finding that the only way to get onto the housing ladder is by making compromises on space or location. Once that first foot is secure, their pragmatism is paying off, as many find they can quickly move on to a property better suited to their long-term needs.  

“Checking that you can port your mortgage product and getting to grips with the cost of moving up the ladder are key for those buyers already looking one step ahead.”