Homeowners more optimistic about climbing the ladder

Ryan Bembridge

September 5, 2016

housebuyer estate agent window

Homeowners are more optimistic about climbing the housing ladder than in 2012, Lloyds Bank research shows.

Three quarters (74%) expected to be able to move into their long-term family home in no more than two moves.

Living in three bedrooms homes is the common aspiration, with two in five (40%) wanting to move into one.

Three bed homes typically cost £222,745.

Andrew Mason, Lloyds Bank mortgage products director, said: “There’s still a perception amongst a large number of homeowners that their long-term aspirational home seems far off and they are not moving up the housing ladder as quickly as they had hoped, although this perception has been gradually improving over the last few years.

“Those who are further up the property ladder appear to be more satisfied with their progression, whereas those who are just starting out may feel that they have a mountain to climb before they reach their long-term home.

“Despite that, first-time buyers are in a slightly better position to move than they were a year ago and are the group most likely to be on the move.”

Four in five (81%) homeowners expected to wait longer than a decade ago to move to a long-term home, though in 2012 the proportion was closer to nine in 10 (88%).

Similarly four in 10 (41%) reckoned the uncertain housing market has had an impact on housing aspirations, down from 53% in 2012.

The most popular reasons for wanting to move were wanting to move to a new area (40%), looking to downsize (38%), current property too small (27%) and wanting a bigger garden (14%).

More than half had been in their current property for more than a decade and the average length of time homeowners had been in their current property was 7.7 years.

For first-time buyers this was 6.9 years, for second steppers 8.1 years, for third steppers 7.9 years and for fourth steppers 8.2 years.