Substantial funds needed for ‘second step’

First-time sellers looking to take their second step on the property ladder need to find an extra £114,659 to move home, a report has revealed.

The Bank of Scotland’s Second Stepper report showed that a new build property is the most desirable second property for Scots.

Graham Blair, Bank of Scotland mortgages director, said: “Second Steppers are living in the homes that the first-time buyers need to buy so it’s vital that this part of the market keeps moving.

“Whilst Second Steppers are telling us that challenges remain as they try to bridge the gap and find that dream home, market conditions have improved significantly in the past few years and are likely to remain, which should enable more Second Steppers to make the next move.”