Attention Second-Steppers: It’s Better Than You Think

15th March 2017

So you’ve got your foot on the property ladder - but what happens next? Is the property market any easier to navigate for people who’ve already crossed the first hurdle?

This is the question that a recent survey from Lloyds bank posed to the UK’s ‘second-steppers’ - successful first-time buyers looking to make their next move.

The overwhelming response showed a lot of frustration and uncertainty about the property market, with 39% of second-steppers believing that selling a home in 2017 will be significantly more difficult than it was 12 months ago.

The good news is that these worries are mostly unfounded - the property market has actually significantly improved across the UK over the past 6 years, and shows no sign of slowing down.

Nonetheless, many second-steppers find their lives outgrowing their starter homes, and are concerned that their equity is insufficient to move on.

We don’t want anyone to feel held back from making their next move. To help inspire confidence in the property market, we’ve set out to show that second-steppers are far more likely to succeed in moving up the ladder than they think.

Why are second steppers so worried?

The report shows that 26% of second-steppers are worried about the uncertain economic climate in the lead-up to Brexit, while 29% are concerned about the cost of deposits. Meanwhile, 32% of second-steppers are struggling to find the right property.

The majority of these homeowners are young professional couples and new families, ready to increase the size of their homes or move to a new area in readiness for their next big steps in life.

We know that starting a family is no small investment in itself, so we’re keen to show second-steppers there’s no time like the present to take the plunge, put their houses on the market, and take advantage of our local expertise to find their dream homes.

34% of potential second-steppers are now considering making improvements to their current homes rather than moving, which has an impact on the next generation of first-time buyers. The fewer starter-home owners who take the next step, the fewer starter homes will be available.

In order to keep the property market in a positive place for first time buyers and second steppers alike, we need to raise awareness about the options out there and support potential sellers in taking the plunge.

What opportunities are available?

Contrary to popular opinion, the property market is more favourable to today’s second steppers than it was to them as first-time buyers.

The typical second-stepper bought their first home around 2012, at an average cost of £140,004. In comparison, the average first-time buyer property today costs £205,723. This would leave second steppers with an average equity of £105,068, taking into account house price growth, initial deposit and mortgage repayment.

This is a dramatic increase on 2012’s average equity of £23,643, and comes to around 32% of what an average three-bedroom second stepper home costs.

The report suggested that the average second stepper has a gap of £126,000 between the value of their current property and the cost of their ideal home. With this high average equity level, however, this gap could be reduced by up to 83%, meaning that only £21,000 would need to be added to an existing mortgage.

That’s not to mention that UK mortgage rates are at a record low this year, and home affordability is steadily improving. All in all, second-steppers dream homes are closer than they think.

How can we help?

If you’re a second stepper, your future on the property ladder is brighter than you think. With the right estate agent on your side, you can get a better feel for your local property market and put your house on the market with confidence, knowing that we’ll take care of everything from mortgage advice to helping you find the perfect second-stepper home for your budget.

If you’re on the fence about taking the next step on the property ladder, contact our local property experts today for a free valuation of your property, independent financial advice, and a friendly discussion of your second-stepper options.

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    Ms Waters Cowley Drive

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    Mr & Mrs Gill Lewes Road

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    Mr Blackmore & Ms O'Sullivan Financial Services

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    Mr Patrick Gladstone Terrace

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    Mr Vernon Woodingdean

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    Mr Johnson Fiveways

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    Mr T Mole Cromwell Road

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    Mr Alderton Ladysmith Road

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    Ms S Hike Blackthorn Close

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    Mr McLagan Lewes Road

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    Miss Blackadder Coniston Court, Holland Road

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    Ms Curtis The Ridgway

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    Mr & Mrs Walker Lewes Road

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    Mrs Tasker Fiveways

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    Mr & Mrs Heer Lewes Road

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    Miss Matthews Kipling Avenue

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    Mrs Lincoln Hove

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    Miss Hockly Fiveways

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    Dr Crichton The Ridgway

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    Mr & Mrs Field Lewes Road

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    Mr & Mrs Knight Woodingdean

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    Mr John Mogridge Woodingdean

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    Mr Grundy Bishops Road

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    Mr White Fiveways

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    Ms Mayanobe Aymer Road

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    Miss New & Mr Jackson Buller Road

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    Mr Wells Bishops Road

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    Ms Tucker Willow Close

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    Mrs Hammond Hove

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    Mr Brown Titian Road

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    Miss Jasper Taunton Road

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    Ms Murch & Ms Mapa Ticehurst Road

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    Ms Ansloos Lewes Road

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    Ms Daly Woodingdean

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    Mrs Palmer Pitt Gardens

  • In February 2016 I was looking to buy and sell very rapidly. Competition among buyers at the time was very high. Sharon @ the Woodingdean branch sh...

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    Ms Windels & Mr Barham Fiveways

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    Mr Witten Lewes Road

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    Mrs Tripp Woodingdean

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    Mrs Porter Taunton Road

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    Mr Gibbs Lewes Road

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    Mrs Bent Falmer Gardens

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    Mrs Parkin Fiveways

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    Ms Warren Hove

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    Ms Easterbrook Bear Road

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    Mr & Mrs Ashley Woodingdean

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    Mr Hope The Brow

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    Mr Edwards The Ridgway

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    Mr & Mrs Nuthall Lewes Road

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    Ms Cianchetta Selhurst Road

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    Mr Tibble Lewes Road

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