First Time Sellers - the forgotten market
Nationwide helps first time sellers become second time buyers
03 July 2012: First Time Sellers are the matured First Time Buyers that excitedly picked up the keys to their first house three to four years ago when lending criteria was very different to today.
Circumstances have changed and these homeowners are now ready to move on to become that elusive Second Time Buyer. This aspiration brings a number of significant challenges, for example the value of their house may be an issue in certain parts of the country and they may even struggle to qualify for a mortgage now with the comparatively tightened criteria.
The frustration of this scenario for the First Time Seller is that they haven’t changed, but the lending world around them has, on a titanic scale. Why when they have been a reliable and consistent payer of their mortgage are they now prisoners in their own homes?
‘L’ plate sellers
These one time First Time Buyers now need to become Second Time Buyers but first they need to succeed at becoming First Time Sellers. But let’s not forget these First Time Sellers have never been through the selling process before, they haven’t had the experience of buying and selling simultaneously in a fragile property chain.
Add to this the lack of buyers, moving costs and the threat of negative equity and they are facing an increasingly steep and slippery ladder. It is arguably harder to move up the property ladder than it is to get on it in the first place. Are First Time Sellers destined to remain on that limiting first rung?
Crucial part of the chain
What is clear is that the crucial element in the chain is the First Time Seller. Without this threatened species, the First Time Buyer can’t get the type of property they need, which then has a domino effect on the rest of the chain. The well being of the market rests on their inexperienced shoulders.
Nationwide are helping move the nation
Now is the time that First Time Sellers really need support. There are a number of government backed and low-cost affordable housing schemes available to help home buyers with a low deposit.
Nationwide is committed to help. For example, we accept a range of housing schemes including Equity Share and Shared Ownership. As well as providing a much needed boost to the housing market, these schemes also offer an alternative for those where a standard mortgage may not suit their needs.
Nationwide's home moving tools and special offers are also available to both existing mortgage customers and people with mortgages held with another lender.
In addition, our step by step, independent Home Buyers’ Guide and Home Selling Guide are a fantastic reminder for First Time Sellers. They are full of useful hints and tips and provide all the necessary steps you need to follow to move home.
Our handy calculators can also help you work out the costs associated with moving home, as well as give you an estimate as to what your current home could be worth.