Equity Boost helping second steppers

Jessica Nangle

March 6, 2017

An increasing number of homeowners believe it will be harder to sell their home this year, new research from Lloyds Bank suggests.

Lloyds Bank’s Second Stepper report – released on Saturday – reveals that despite improved market conditions over the past six years, buyers and sellers experience a lack of confidence moving forward.

Andrew Mason, mortgage director at Lloyds Bank, said: “Second steppers are yesterday’s first-time buyers and the conditions to help them climb to the next rung on the property ladder are better than they’ve been for over four years.

Price of property coming to market rises 1.1%

“Despite this, many still feel that things are tough out there and that it’s getting more difficult to sell your first home and move up the ladder.

“However, if too many second steppers hold out for a long time for their ‘dream home’ this could reduce the availability of homes for First-Time buyers and slow the market.”

The average equity is £105,060 according to the report, a figure that has quadrupled from just £23,643 four years ago.

High house prices have increased the equity of those living in their first homes, with 45% feeling they are in an improved equity position.

The report also reveals that just over a third are also considering staying put and improving their homes rather then moving, with the struggle to find the right property being the primary reason.

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