Home owners looking to move up the property ladder face a number of different obstacles, and many believe it is harder to progress up the ladder than to get on it in the first place.
This is the finding of new research by Lloyds Bank
, which also revealed that more than half (52%) of those still living in their first home said that they had planned on moving up the property ladder in the last 12 months but have been unable to do so.
“Moving up the property ladder has become more challenging for Second Steppers in recent years,” explained Andrew Mason, mortgage product director at Lloyds Bank. “The rise in house prices and moving costs, along with how difficult it is to find the right property means that they’ve had to wait longer than anticipated or even put off their move entirely until the right property comes along.”
“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,” he added. “Our research also shows that most homeowners think ahead and understand that it could take up to four moves in total to reach their ‘dream’ home.”
Unsurprisingly, the most common reason Second Steppers consider a move is due to their current property being too small (64%). Location is the next most important element for Second Steppers (27%) and 11% also said they want more garden space. Living close to transport links is lowest on the list with only 1% of Second Steppers highlighting this as a priority.
Two thirds (67%) changed their reasons for moving since initially considering their next move. Having to accommodate a growing family (32%), being close to a good performing school (20%) and looking for a more ‘long-term’ home (15%) became bigger priorities once Second Steppers actually considered moving than they were when they initially thought about it.
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