Second steppers target detached homes
Moving into a detached home is now the number one option for 54% of second steppers, up from 48% in 2010.
Four years ago three in five (60%) second steppers favoured semi-detached properties, but the proportion has now fallen to 51%.
Andy Hulme, mortgages director at Lloyds Bank, said: “Second steppers are increasingly looking to move into their long-term family home for their next move, with detached houses now the property of choice for this group.
“They’ve realised that they need to be savvy with their money, with more second steppers saving more each month and overpaying on their mortgage.
“Higher levels of equity and larger savings pots are allowing them to put more down in deposits, helping them make this big jump up the ladder.”
Second steppers spend 19 months longer than expected in their first homes on average, as 36% stayed for over six years despite 6% intending to do so.
The average time spent in a buyer’s first home is four years and five months.
Currently 45% of second steppers favour three bedroom properties, yet 31% are now looking to buy four bedroom homes.
People looking to move on need to find an average £58,400 to plug the gap between the sale price of their current property and the cost of the house they want to move to, up from £40,500 in 2012.
However the proportion of second steppers concerned about raising a large deposit decreased from half (50%) in 2013 to two in five (37%) in 2014.
The proportion of second steppers moving due to an immediate need for more room decreased from 31% in 2012 to 22% in 2014, suggesting buyers are delaying having a family until they move into a large enough property.