Coronavirus (Covid-19) update: We are open for business as usual and still buying properties. We are following government guidelines with social distancing for surveys & appraisals so secure your property sale with us today.
Property News > Call for More to be Done for Second Step Home Owners
Call for More to be Done for Second Step Home Owners
With the Government looking to alleviate the housing crisis, a lot of the focus is getting people onto the property ladder. While first-time buyers are getting the help, new research shows that it may also be time to help those who are on it, to take the next step up.The new research done by conveyancer services provider ‘My Home Move’ has also shown that one in forfour “second steppers” require financial help to move up the property ladder. These are people who are moving from their first home to a bigger one.With a third of second steppers saying that they would move again to obtain a bigger property, 17% have said that they would never move again. This isn’t good news for the property market where the hope is, once people are on the property ladder, they are more likely to take the second step and upgrade to a bigger property.The research done by ‘My Home Move’ looked at the moving habits of 1,000 home owners in the UK, and found that 30% saw that the only way they could afford to move again would be some kind of gift money from a relative. This highlights the problem of high house prices in the UK, and the lack of affordable homes around the country.Fixing the housing crisis is going to be complicated for the UK Government, especially with Brexit looming which is further going to hit the confidence of home buyers. With all the focus being on helping first-time buyers too, the rest of the potential buyers are being forgotten about at the moment. This is part of the market that could be weakened by the lack of motivational help by the Government.One of the most telling revelations of the survey is the fact that when a buyer enters the property market there is no guarantee of having any capital to move up the property ladder. Many are being held back by the fact that it was hard enough to buy their first home, never mind having to find the money to move somewhere bigger.What this also creates is a problem for first-time buyers. If second steppers aren’t moving on from smaller, more affordable homes, then these homes are off the market. When they are potentially accessible to first-time buyers, then keeping them off the market is just going to keep housing crisis an issue.While the Autumn budget may have helped first-time buyers, it may be time to also consider the second steppers too. If the housing market as a whole can be helped, then maybe it can be given the performance boost that it needs.