Second steppers stuck on the housing ladder
Six in 10 second steppers say it’s harder to move up the property ladder than it was to first get on it, according to Lloyds Bank.
Stepping onto the next rung is getting even more difficult than 12 months ago, said a third (35%) of potential second steppers. On average, they have been in their first property for three and a half years, and expect to wait another 18 months before moving up the ladder.
Who are second steppers?
Second steppers are in their first property but looking to take the next step up the property ladder. According to Lloyds Bank they are on average 33 years old with an average household income of £57,291.
Over a quarter (27%) of potential second steppers are considering staying put to make home improvements in case they can’t sell their property.
And they are having to compromise on personal circumstances, with 28% of respondents saying they plan to have fewer children than originally expected.
Andrew Mason, mortgages director at Lloyds Bank, said: “When considering their next property purchase, second steppers typically look for more space, a better location and a garden. However, first-time sellers now say they have to wait longer to take the next step in the current buyers’ market.
“The move up the ladder for second steppers 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 first-time buyers on the market.”