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We are all used to seeing first-time home buyers get all the attention. There is nothing more important than getting on that first rung of the property ladder – but then what?
As life changes, families grow, and what you want in a house needs adjusting, it could be time for the next step up the ladder.
Whilst we all focus has been on help-to-buy schemes and low interest-rates to get first-time buyers into their new homes, once they are in, we stop thinking about them.
So there is now a new breed of house buyer is in town. Generally made up mostly of couples and young families in need of more living space, closer to schools and family facilities, and a garden.
However, according to a recent survey from Lloyds Bank, around 23% of first-time homeowners are wanting to keep climbing up the property ladder but claim the move is actually more difficult than getting on the ladder in the first place.
In fact, 52% of first-time homeowners are having to stay put due to multiple obstacles standing in their way.
Low interest rates, making it difficult to save, seems to be the top reason given by respondents (56%) for not taking a trip to the next rung. Whilst for 39%, difficulty in selling their current home due to waning buyer demand is keeping them stuck on the first rung.
Other reasons offered by respondents included the cost of stamp duty as they increase their budget, and the general rise in moving costs.
All these combined are making second-steppers second-guess their next house move – and change their lives.
Children were top of the list, with 35% of respondents putting off expanding their family, and 12% intending to have fewer children than they planned. A possible career change could also be on the cards for 13% in order to facilitate the purchase of their next home.
Whilst second-steppers are dreaming of their detached four-bedroom house with a garage, driveway, and kitchen/diner, the property market keeps changing.
When it comes to the respondents in the survey, 28% are unwilling to compromise on their dream property. But what about a compromise of location?
Expanding the search area could make climbing the property ladder a leap instead of a small step!
Ask your Aston Anderson estate agent today about how you can go from first-time to second-stepper today.