Woes of ‘second-time buyers’ revealed

NEARLY TWO-THIRDS of people trying to take their second step on the property ladder believe it is harder than being a first-time buyer, a survey has revealed.

Some 60 per cent of “second steppers” – people who were previously first-time buyers who are now looking to buy their next home – say it is harder to move up the property ladder than it was to get on in the first place, Lloyds Bank found.

Just over a third (35 per cent) of potential second steppers feel it is harder to sell their current property now compared with 12 months ago, the research showed.

Such is their struggle that more than a quarter are considering staying put to undertake home improvements in case they cannot sell their property within their desired timescale. More than 500 previous first-time buyers now looking to purchase their second home were polled.