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Market Update: Second Steppers stuck on Property Ladder

For the last decade, the focus of the property market has been on helping first time buyers get on the property ladder, but a new survey from Lloyds Bank has shown that 23% of second steppers (first time homeowners looking to move) claim the move up is more difficult!

Second steppers are mostly couples and young families moving on from their first-time buyer flats, to houses offering more living space and a garden.ย  35% of people who took the survey said that they will delay having children because of their inability to move, and 12% now intend on having fewer children than they had previously planned.

More than half of those surveyed blamed low savings interest rates for their difficulties in moving up, and 39% said the difficult housing market was stopping them from selling their current property.ย  The combination of these obstacles mean that 52% of first-time homeowners have been forced to stay put, despite having planned to upsize in the past 12 months.

Once they’ve made the second rung, second steppers plan on spending around 10 years in their next home, while over 30% said they wouldnโ€™t move again!

If youโ€™re a second stepper looking for an affordable family home in East Kilbride, get in touch with Bensons today.

 

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