It now costs £75K to move one step up the housing ladder
Second Steppers need to find an extra £75,388, on average, to move onto the next rung of the property ladder, from a flat to a house, according to Housesimple.
The online estate agent analysed Land Registry data and found that the average step-up cost for second steppers from a flat to a house in the UK has doubled in 10 years, rising to its current level from just £37K in 2008.
When detached properties were also included in the average price of a house, Second Steppers would be looking at an average cost of £133,122, to climb onto the next rung of the ladder.
Best areas to step up
Durham is the best area of the country for Second Steppers, with the difference between the first and second rungs of the property ladder an affordable £23,318.
Three locations in Yorkshire – Doncaster, Bradford and Hull – feature in the top 10 most affordable towns for Second Steppers, as do three in the North West; Blackburn, Oldham and Liverpool.
Not surprisingly, London is the worst city for Second Steppers, with an average price difference of £343,134 between the first and second rungs of the property ladder. The university cities of Oxford and Cambridge also feature in the worst five worst areas.
Sam Mitchell, CEO of Housesimple, said: “While we’re seeing a positive trend with more first-time buyers getting onto the property ladder, Second Steppers – primarily those upsizing from a flat to a terraced or semi-detached house – still face a major jump to transition from a starter home to their family home.
“The problem is particularly acute in London and the south of England, where the gap for Second Steppers can feel more like a chasm. As a result, Second Steppers migration from London has always been a major driver of house price inflation in commuter towns in the home counties and increasingly as far afield as areas of the south-west.
“Things look brighter for those living or heading north, where house prices, although on the up, are still in affordable territory. And with healthy local economies in northern cities like Leeds, Sheffield, Liverpool and Manchester, the wealth of job opportunities are attracting homeowners who are looking for a fresh start, a better quality of life, and buying a family home is not just a pipe dream.”