Even harder than buying your first home – problems waiting for successful buyers
Nearly two-thirds of other folks seeking to take their 2nd step at the assets ladder imagine it’s harder than being a first-time purchaser, a survey has published.
Some 60% of “second steppers” – individuals who have been up to now first-time buyers who are actually taking a look to shop for their subsequent home – say it’s harder to transport up the valuables ladder than it was once to get on within the first position, Lloyds Bank discovered.
Just over a 3rd (35%) of doable 2nd steppers really feel it’s harder to promote their present assets now in comparison with 12 months in the past, the analysis confirmed.
Such is their fight that extra than 1 / 4 (27%) are bearing in mind staying put to adopt home enhancements in case they can’t promote their assets inside of their desired timescale.
Those surveyed were of their first assets for a mean of 3-and-a-part years, and be expecting to attend every other 18 months prior to shifting up the ladder.
On moderate, 2nd steppers plan to stick of their subsequent home for round 5 years – however extra than 1 / 4 (27%) imagine that that assets will likely be their “forever” home and they’re going to now not transfer once more.
However, the bulk (59%) nonetheless suppose they’re going to personal both one or two extra houses prior to attaining their dream home.
More than part (52%) would really like their lengthy-time period home to be a indifferent area.
In phrases of assets options, 3 or extra bedrooms and a driveway, lawn, storage and kitchen-diner have been additionally top on 2nd steppers’ want-lists.
Many are considering of shifting out in their present location searching for a greater way of life, decrease area houses or higher process alternatives, the survey discovered.
Andrew Mason, mortgages director, Lloyds Bank, stated: “When bearing in mind their subsequent assets acquire, 2nd steppers generally glance for more room, a greater location and a lawn. However, first-time dealers now say they have got to attend longer to take the next move within the present buyers’ marketplace.
“The transfer up the ladder for 2nd steppers is continuously connected with their aspirations in lifestyles, which means they’re going to have to attend till they have got raised sufficient cash or discovered the best assets. This is a very powerful step, alternatively, as motion from 2nd steppers is helping with the float of houses appropriate for first-time buyers available on the market.”
More than 500 earlier first-time buyers who are actually taking a look to buy their 2nd home have been polled.