Property News > Second steppers in UK moving on from their first property finding it harder to do so

Second steppers in UK moving on from their first property finding it harder to do so

Some 25% of first time home owners looking to move up the property ladder are finding it hard to do so, new research suggests. The number of homeowners looking to become so called second steppers experiencing difficulty has risen by 18% and some 35% admit they will delay having children, or have fewer children than they initially planned due to the challenges involved in finding a bigger home.It was also found that 56% have found it is taking longer than expected to buy their next home due to low savings rates and 13% have had to move jobs to do so. An increase in moving costs, rising stamp duty and difficulty in finding the right property has meant that over half of those still living in their first home said that they planned on moving up the property ladder in the next year but have been unable to stick to their word.Low saving rates have also been contributing factor in the struggle to move on and second steppers say that it’s taken longer for them to save enough to take the next step. That said, there is new challenges on the demand side, as 39% report that that it’s harder to sell their current property now compared to one year ago.However, the increase in house prices has actually had a positive impact on the situation, even more so given that the population has typically been more exposed to negative equity in a downward market. As many as 39% of second steppers said that the increase in house prices will actually help them in selling their current property for the right price. Though, in the event of being unable to sell their current property, only 9% said that they would consider lowering their asking price to attract interest.Some 51% are willing to remain their current property to wait until conditions allow a move, 27% would consider making improvements to their current home and 21% would seek to rent their property as an alternative and still move.Climbing up the property ladder is becoming increasingly difficult, with the rise in house prices and moving costs paired with how difficult it is to find the right property means that they have had to wait longer than originally anticipated or have even had to call off their move entirely until the right property is found. Second steppers are very clear on what they want from their next home and are therefore are willing to stay put and improve their current home rather than make any unnecessary sacrifices.The ideal home for a second stepper is a detached four bedroom house complete with a garage, driveway and kitchen/diner with 28% stating that would not be willing to sacrifice anything from their must have list of features in order to make it easier to find their next home. Additionally, 35% said that would like to purchase a three bedroom period property whilst 34% would opt for the same size new build home with 64% stating that their current property is too small and a further 11% wanting more garden space.

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