Almost a third of buyers moving up from their first home find it harder to move up the property ladder than to get on, new research has found.
The study from Lloyds Bank also reveals that 35% of potential second steppers feel it will be harder to sell their property than it would have been 12 months ago.
On average, second steppers have been in their first property for three and a 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 27% not planning to move again. However, 59% still think they will own either one or two more properties in their lifetime before reaching their dream home.
Meanwhile, another 27% of potential second steppers are considering staying put to undertake home improvements in case they can’t sell their property within their desired timescale.
Second Steppers are increasingly having to compromise on personal circumstances, with 28% of respondents saying they plan to have fewer children than originally expected, which has more than doubled since 2016 when it was 12%.
‘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,’ said Andrew Mason, mortgages director at Lloyds Bank.
‘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,’ he added.
The research also found that 82% of second steppers are married couples looking for more space, 52% would like their long term home to be a detached house, while 37% would like to buy a period property and 36% a new build.
Some 80% of second steppers want their dream home to have three or more bedrooms and the most popular feature considered ‘must-haves’ is a driveway at 48%, a garden at 44%, a kitchen/diner at 32% and a garage also at 32%.
The area is almost as important as the property, with 52% saying the distance to work is important, followed by transport links for 30% and catchment areas for schools at 20%, while 40% are thinking about moving to a new area or region in search of a better lifestyle, 36% are seeking lower house prices and 29% improved job opportunities.
The study also found that second steppers are on average 33 years old with an average household income of £57,291. Of the respondents some 39% were male, 61% female and 82% married.
