Sec­ond-step­pers put life on hold as they try to move up the lad­der

Yorkshire Post - - MONEY -

THREE IN five home­own­ers look­ing to sell their first prop­erty – so­called ‘sec­ond-step­pers’ – say it’s harder to move up the prop­erty lad­der than it was to get on it, new re­search from Lloyds Bank shows.

At least one in three (35 per cent) po­ten­tial sec­ond-step­pers feel that it’s harder to sell their cur­rent prop­erty now than it was 12 months ago.

On av­er­age, they have been in their first prop­erty for three-anda-half years, and ex­pect to wait an­other 18 months be­fore mov­ing up the lad­der. Sec­ond-step­pers now in­tend to stay in their sec­ond prop­erty for around five years, with more than a quar­ter (27 per cent) not plan­ning to move again. How­ever, the ma­jor­ity (59 per cent) still think they will own ei­ther one or two more prop­er­ties in their life­time be­fore reach­ing their dream home. Mean­while, an­other 27 per cent of po­ten­tial sec­ond-step­pers are con­sid­er­ing stay­ing put to un­der­take home im­prove­ments in case they can’t sell their prop­erty within their pre­ferred timescale. Sec­ond-step­pers are in­creas­ingly hav­ing to com­pro­mise on per­sonal cir­cum­stances, with over a quar­ter (28 per cent) of re­spon­dents say­ing they plan to have fewer chil­dren than orig­i­nally ex­pected – more than dou­ble the num­ber in 2016 (12 per cent).

An­drew Ma­son, mort­gages di­rec­tor at Lloyds Bank, said: “The move up the lad­der for sec­ond­step­pers 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.

“This is an im­por­tant step, how­ever, as move­ment from sec­ond-step­pers helps with the flow of prop­er­ties suit­able for first­time buy­ers on the mar­ket.”

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