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