Second step home purchasing 'tough'

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Home owners trying to take their second step on the property ladder face some of the toughest market conditions seen in a generation, a study has said.

The typical cost for a "second-stepper" to trade up to their next home is around 4.7 times annual average earnings, the second highest ratio since records began 25 years ago, according to Lloyds TSB's home movers review.