A quarter of second steppers struggling to move
Those moving from their first to their second home – known as ‘second steppers’ – find buying their second home tougher than their first according to research by Lloyds Bank.
The Second Steppers Report, which tracks homeowners looking to sell their first property whilst buying their second, suggests a quarter of second steppers feel this way.
The rise of moving costs, stamp duty and difficulty in finding the right property have topped the list as stopping second steppers moving up on the property ladder in the last 12 months.
Andrew Mason, mortgage product director at Lloyds Bank, said: “Moving up the property ladder has become more challenging for Second Steppers in recent years.
“Second Steppers seem to be very clear on what they want from their next property and will stay put and improve their current home rather than make any sacrifices.”
The research also found that over a third will delay having children than they originally planned due to the challenges involved (35%) and over half (56%) say it has taken longer than expected to buy their next home due to low savings rates.