Increasing interest rates have always been a challenge for those wanting to move up the property ladder. Combined with worries over the economy, the political situation, as well as the size of deposit required for a new home, it can be tough for second steppers who want to find their dream home.
Second Steppers tend to be couples and young families moving on from their first-time buyer flats to secure more space and a garden.
Some of the ‘must have’ features topping the list for the next property are:
Less than a quarter are looking to be city dwellers and a third are looking to move to the countryside.
However although a recent study by Lloyds found that the typical second stepper will have a considerable amount of equity to put towards their next property due to strong house price growth, many homeowners ready to take their second step on the property ladder now rely on financial help from family and friends to bridge that gap and make the jump from their first home.
The report shows that one third (33%, up from 27% last year) said that they require financial support from their mum and dad, grandparents or friends to move up the property ladder. This compared with around 50% needing help to buy their first home. However, it shows that the ‘Bank of Mum and Dad’ is still being heavily relied upon for financial support when it comes to buying any property.
17 March 2019