Moving up to the second rung of the property ladder is proving harder than getting onto it in the first place.
That’s according to many so-called ‘second steppers’ who also admitted they were changing major life plans, such as how many children they would have, as a consequence of the difficulties they faced in selling their house.
Responding to a survey by Lloyds Bank, one in three potential ‘second steppers’ said they felt it would be harder to sell their current property now compared to a year ago.
Many had been in their home for three-and-a-half years and they expected to wait another 18 months before moving up the ladder.
And they were intending on staying in their second property for around five years, with more than a quarter saying they would not move again.
Another quarter were considering staying put so they could make home improvements as a back-up in case they couldn’t sell their property within the desired timescale.
What’s more, over a quarter said they planned to have fewer children than originally expected as part of the compromise they had to make because of the difficulties of moving. The proportion saying they would make this big change to their families has more than doubled since 2016.
Who are second steppers and what do they want?
Second steppers are those people currently living in their first property but who want to take the next step up the property ladder. Lloyds said their average age is 33 and they have an average household income of £57,291.
Lloyds also revealed the majority, according to its survey, were married couples looking for more space. More than half would like their long-term home to be detached. Period properties and new builds were the most popular.
Ideally Second Steppers would like three or more bedrooms with driveways, a garden, a kitchen/diner and a garage being the top ‘must have’ features.
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.”
