‘Moving up property ladder harder than being first-time buyer’

Nearly two-thirds of people trying to take their second step on the property ladder believe it is harder than being a first-time buyer, a survey has revealed.

Some 60% of “second steppers” – people who were previously first-time buyers who are now looking to buy their next home – say it is harder to move up the property ladder than it was to get on in the first place, Lloyds Bank found.

Just over a third (35%) of potential second steppers feel it is harder to sell their current property now compared with 12 months ago, the research showed.

Such is their struggle that more than a quarter (27%) are considering staying put to undertake home improvements in case they cannot sell their property within their desired timescale.

Those surveyed have been in their first property for an average of three-and-a-half years, and expect to wait another 18 months before moving up the ladder.

On average, second steppers plan to stay in their next home for around five years – but more than a quarter (27%) believe that that property will be their “forever” home and they will not move again.

However, the majority (59%) still think they will own either one or two more properties before reaching their dream home.

More than half (52%) would like their long-term home to be a detached house.

In terms of property features, three or more bedrooms and a driveway, garden, garage and kitchen-diner were also high on second steppers’ wish-lists.

Many are thinking of moving out of their current location in search of a better lifestyle, lower house properties or better job opportunities, the survey found.

Andrew Mason, mortgages director, Lloyds Bank, said: “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.

“The move up the ladder for second steppers is often linked with their aspirations in life, meaning they’ll have to wait until they have raised enough money or found the right property. This is an important step, however, as movement from second steppers helps with the flow of properties suitable for first-time buyers on the market.”

More than 500 previous first-time buyers who are now looking to purchase their second home were polled.