More would-be buyers are now able to purchase their first home, but they face a problem when looking to move to a bigger property.

These ‘second steppers’ typically need an extra £128,390 to fund the move to their preferred second home, typically a detached property.

However, rapidly increasing house prices have seen many homeowners with more equity in their property.

Lloyds said second steppers were living in the homes first-time buyers need to buy to keep the market moving.

Increased demand meant one-in-three (33%) second steppers think it will be easier to sell their home this year, almost treble the figure recorded in 2012.

Some 71% believe recent price increased have improved their overall financial position.

The proportion of homeowners in East Anglia (63%), central London (53%), and the South East (52%) who feel that rising house prices have had positive impact is growing. However, only 39% of those in the North East feel they have benefited.

Andy Hulme, Lloyds Bank mortgages director, said this section of the market was finally on the move.

“Over the past few years second steppers have faced some tough challenges and many have been stuck in their first homes,” he said.

“We are now finally seeing a much needed boost to this vital part of the housing market, enabling more second steppers to make the next move on the housing ladder.

“Whilst challenges remain as second steppers try to bridge the gap to the next rung on the ladder, a steady rise in property values in 2015 should further ease the constraint on many and this will have a positive knock-on effect for the whole of the housing market.”