Moving up property ladder is harder than buying first home
“Second steppers” trying to move up the property ladder are finding it harder than buying a home in the first place, a survey has found.
The disclosure comes after experts warned that stamp duty, the tax paid on home purchases, is clogging up the housing market.
Home movers, particularly in the South East and London, are being hit with stamp duty bills worth tens of thousands of pounds when they move house, on top of other costs such as estate agent and solicitor fees.
A survey conducted by Lloyds bank found some 60 per cent of “second steppers” looking to buy their next home said it would be harder than their first purchase.
Other concerns include selling their current home, with just over a third (35 per cent) of potential second steppers feeling it is harder to sell their current property now compared with 12 months ago, the research showed.