Nearly two-thirds of people trying to move up the property ladder say they’re finding it harder than it was to buy their first home.
More than one in three (35%) ‘second steppers’ say they think it’s more difficult to sell their current property now compared to 12 months ago, according to new research from Lloyds Bank.
On average, they’ve been in their current homes for three and a half years and believe that they’ll have to wait another 18 months before moving into their next home.
Who are second steppers?
Second steppers are those who are still currently in their first home but are keen to move onto the next rung of the property ladder. Lloyds says that on average, they are 33 years-old and have a typical household income of around £57,000. The majority of second steppers are married couples who are looking for more space.
More than half (52%) would like their next home to be a detached property. Period homes and new builds are the most popular types of property, with 37% and 36% respectively wanting to buy these types of home.
“The move up the ladder for second steppers is often linked with their aspirations in life, meaning they’ll have to wait until they have raised enough money or found the right property,” says Andrew Mason, mortgages director at Lloyds Bank. “This is an important step however, as movement from second steppers helps with the flow of properties suitable for first-time buyers on the market.”
Help for second steppers
Although it may take longer to sell your property, the good news for those who do find a buyer is that there are plenty of competitive mortgage options available to help you purchase your next property.
Even if you only have a limited amount of equity in your current home and therefore won’t have a substantial deposit to put down, several lenders offer mortgages which allow you to borrow up to 95% of the property value. If you’re not sure which type of mortgage to go for, or whether you can move your existing mortgage across to your next home, seek professional advice.
Second steppers struggle to make next move