60% of second-tier buyers say that climbing the real estate ladder is more difficult than climbing up on it


Buying a second home and climbing the property ladder is more difficult than buying a home for the first time, 60 percent of the "second stepper" claim.

With uncertainty about how the real estate market will go after Brexit and the cost of buying a new home on the rise, many buyers looking for a second home are struggling to sell their first property.

To make matters worse, a growing number of homeowners are launching the idea of ​​moving at all and simply expanding their current homes, causing a shortage in the number of homes for sale in some areas.

Difficult: 60% of the "second steppers" say that buying a second home is more difficult than buying a first one

Just over a third of potential second steppers believe it is more difficult to sell their current property than a year ago, revealed the search for Lloyds Bank.

On average, the second surveyed steppers were in their first property for three and a half years, and they wait to wait another 18 months before climbing the ladder.

"It's definitely harder to buy a second property now & # 39;

Georgia Dayton, with his two-year-old son, Axel, and her husband James

Georgia Dayton, with his two-year-old son, Axel, and her husband James

Georgia Dayton, with his two-year-old son, Axel, and her husband James

Georgia Dayton is 29 years old and lives in Woodford with her husband, James, also aged 29, and her son, Axel, who is two years old.

Georgia works in communication and co-manages a blog of parents and her husband is a football player.

Georgia and James bought their first home a year ago and are now trying to climb the property ladder.

They are worried about how easily they will be able to sell their current home and if they will be able to move into the home they want in the budget.

Georgia said This is Money: "At the moment we have a 3 bedroom house, but we are looking for a 4 bedroom.

"The motivation for us to move is to expand our family as our first child is two hours." We are trying to move a little farther, but in a similar area.

"It's definitely the case that it's harder to buy a second property now.

"We thought we might have to rent our property to someone and rent another property for ourselves if we can not sell." We do not want to sell our home for less than its value.

"We've just started looking for another property now, our home is not yet for sale."

Georgia added: "Properties are not sold as quickly, but people are doing a lot of extensions and other home renovations instead of moving around.

"It will be quite difficult to do what we want to do within our price range, although we both have a good job.

"I have a second income and we both work very hard but it's still difficult."

Georgia is also acutely aware of how difficult the situation is for many new buyers.

He said: "I think it's hard for first time buyers to climb the property ladder and with everything going on in the UK at the moment, people are cautious." Young people are not able to get a mortgage.

About 27% said they were considering the idea of ​​staying and improving their first home in case they can not sell it and climb the ladder within the time frame they had in mind.

While some are content with their first home, for more than half of the second stepper, the supreme dream is to be able to afford an independent home.

Many try to move to make a bigger home for a growing family, a better lifestyle, better job opportunities or an area with lower house prices.

While practical aspects often drive a second move, wish lists remain firmly rooted. Most second-time buyers want a house with three or four bedrooms, a driveway, a garden, a garage, and a kitchen-dining room, the results say.

The position is another important factor: distance from work, transport links and water catchment areas for schools are all high on the list of many secondary buyers.

Andrew Mason, mortgage manager at Lloyds Bank, said: "When considering the next property purchase, second steppers typically look for more space, a better location and a garden.

"However, sellers who have sold for the first time now say they have to wait longer to take the next step in the current buyers market.

Wish List: Most second-tier buyers want a home with three or four bedrooms

Wish List: Most second-tier buyers want a home with three or four bedrooms

Wish List: Most second-tier buyers want a home with three or four bedrooms

"The move to the ladder for the second steppers is often linked to their aspirations in life, meaning they will have to wait until they have collected enough money or found the right property.

"This is an important step, however, since the movement from the second stepper contributes to the flow of properties suitable for new buyers on the market".

According to Lloyds' findings, the average age of a second buyer is 33 years old and derives from a family with an average annual household income of £ 57,291.

For a number of years, the government's focus on the real estate market has been to help buyers buy a home for the first time. In 2013 Help to Buy was the response of Chancellor George & Osborne to a growing crisis, which guaranteed buyers up to 20% of the value of the newly built home without interest for five years, to make it easier and less expensive purchase.

In last month's budget, the current Chancellor Phillip Hammond extended the purchase aid scheme until March 2023.


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