60% of the buyers on the second job say that it is more difficult to get on the home ladder than to sit on it
Buying a second home and climbing the home ladder is more difficult than buying a home for the first time, claiming 60 percent of the & # 39; second steppers & # 39 ;.
With uncertainty about how the real estate market will go after the Brexit and the costs associated with buying a new home, many buyers looking for a second home have difficulty selling their first home.
To make matters worse, an increasing number of homeowners are completely deteriorating the idea of relocating and are simply expanding their current homes, resulting in a shortage of homes for sale in certain areas.
Difficult: 60% of the & # 39; second steppers & # 39; says that buying a second home is more difficult than buying a scoop
Slightly more than a third of the potential second steppers feel that it is more difficult to sell their current home than a year ago, according to research by Lloyds Bank.
On average, second steppers surveyed were three and a half years in their first possession and expect to wait another 18 months before they go up the ladder.
& # 39; It is definitely more difficult to buy a second home now & # 39;
Georgia Dayton, with her two-year-old son, Axel, and husband James
Georgia Dayton is 29 and lives in Woodford with her husband, James, also 29, and son, Axel, who is two.
Georgia works in communication and is co-owner of a blog about parents and her husband is a footballer.
Georgia and James bought their first house a year ago and now want the real estate ladder.
They are worried about how easily they will be able to sell their current home and whether they can involve their home within budget.
Georgia said to This is Money: We currently have a 3 bedroom house, but we are looking for a 4 bedroom.
The motivation for us to move is to expand our family, because our first child is now two. We want to go a bit further away, but in a similar area.
& # 39; It is absolutely true that it is now more difficult to buy a second home.
We thought we might have to rent out our property to someone and rent out another property for ourselves if we can not sell it. We do not want to sell our house for less than its value.
& # 39; We are now just looking for another property. Our house is not for sale yet. & # 39;
Georgia added: "Properties do not sell that fast. People do many extensions and other home renovations much more instead of moving.
& # 39; It will be quite difficult to do what we want to do within our price range, even though we both have good jobs.
& # 39; I have a second income and we both work very hard, but it is still difficult. & # 39;
Georgia is also keenly aware of how difficult the situation is for many start-ups.
She said: "I think it's hard for novice buyers to get on the real estate ladder and with everything that's going on in the UK right now, people are cautious. Young people can not get a mortgage. & # 39;
About 27 percent said they were considering staying and improving their first home in case they could not sell it and climb the ladder within the time frame they had in mind.
While some are happy with their first home, for more than half of the second steppers, the ultimate dream is to be able to pay for a detached house.
Many are looking to move to a larger home for a larger family, a better lifestyle, better jobs or an area with lower house prices.
While practical matters often make a second move, the wish lists remain firmly anchored. Most buyers of second homes want a house with three or four bedrooms, a driveway, garden, garage and kitchen / dining area, claim the findings.
Location is another important factor, with distance to work, transport links and service areas for schools that are all high on the list of many second-hand buyers.
Andrew Mason, mortgage director at Lloyds Bank, said: & # 39; When considering their next home purchase, second steppers usually look for more space, a better location and a garden.
& # 39; New sellers now say that they have to wait longer to take the next step in the current buyer's market.
Wish list: most buyers of second homes want a house with three or four bedrooms
The step towards the second stepper is often linked to their ambitions in life, which means that they have to wait until they have raised enough money or found the right home.
& # 39; However, this is an important step because movement of second steppers helps to flow properties suitable for starters on the market. & # 39;
According to Lloyds' findings, the average age of a second buyer is 33 and comes from a household with an average total annual income of £ 57,291.
The focus of the government on the housing market has for a number of years been focused on helping starters buy a home. Back in 2013, Help to Buy was the answer of former Chancellor George Osborne to a growing crisis, where buyers paid interest of up to 20 per cent of the value of a newly built house without interest for five years, to make buying easier and cheaper.
In the budget of last month, the current Chancellor Phillip Hammond extended the Help-to-Buy scheme until March 2023.