Second steppers 'finding it tough'

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Homeowners trying to take their second step on the property ladder are still bearing the brunt of tough housing market conditions, a study has found.

The typical cost for a "second stepper" to trade up to their next home last year was around 4.6 times annual average earnings, significantly higher than the ratio of 2.9 times a decade ago, Lloyds TSB's home mover review said.