It may seem like the battle is won once you have made your first hard-won step onto the property ladder, however, as families grown, and you accumulate more belongings… that first home can soon feel a little tight for space.
Research by Lloyds Bank has shown that at this stage, so-called ‘second steppers’ are finding it near impossible to make the leap from their first home, into their next, larger property.
Nearly 50% of homeowners say their equity position has improved over the past year and with research showing that second steppers boast an average equity of £150,068, there’s plenty of cash available in first time purchases - however one in three homeowners are still choosing to stay put, preferring to ‘improve rather than move’.
The average regional price gaps for second steppers in December 2016 are:
First time buyer avg. price
Second stepper avg. price
|Yorkshire and the Humber||£136,398||£297,720||£131,321|
Second steppers are telling us that finding the right property can be tough, and because of that, they're delaying their move. However, if too many second steppers hold out for a long time for their dream home this could reduce the availability of homes for first-time buyers and slow the market.Andrew Mason, Lloyds Bank mortgage director
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