The majority of those who already own their own home say they’re finding it harder to actually move up the property ladder than to take that first initial step onto it, with new research revealing this to be true for 60 per cent of so-called Second Steppers.
The Lloyds Bank study showed that over one in three homeowners believe it will harder for them to sell their current home now than a year ago, with nearly one-third of those asked admitting that they intend to have fewer children as a result.
Second Steppers say they now plan to stay in their second homes for about five years, with 27 per cent saying they have no plans to move again. But 59 per cent do still believe they’ll own either one or two more properties throughout their lives before finally finding their dream property.
Those who are already in their first home but planning on moving up the ladder are, on average, 33 years old, with a typical household income of £57,291.
In terms of the house they’re looking for, 82 per cent are keen to have more space, while 52 per cent would like to own a detached house. Some 37 per cent are keen for period features, while 36 per cent want to invest in a new-build property. In all, 80 per cent say they want their dream house to have three or more bedrooms, while desirable features were found to be driveways, a garden, a kitchen/diner and a garage.
“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,” mortgages director with Lloyds Bank Andrew Mason commented.
Those of you who are finding it hard to take that next step onto the property ladder should remember that you do still have a slight advantage over first-time buyers because you’ve navigated your way through the process already. You know what you’re doing, you know how much it can cost to run a home and you’re already used to dealing with the likes of home insurance, home maintenance and so on.
But it’s likely that you’ll need to borrow more in order to facilitate the move to your next house, even if you already have a mortgage so do as much research as you can to make sure you’re getting the right product for you. You’ll have to work out which will be cheapest, so make sure you fully understand the interest rates and fees before you sign on the dotted line.
Those of you who’ve decided to stay put for a while can increase the value of your current home by doing home improvement projects, such as new conservatories in your Stockport house. If you need any help, get in touch with us today.