Poll
34% favour home improvements over moving
More than one in three (34%) homeowners who are ready to take the next step on the property ladder are considering home improvements instead of moving, according to research by Lloyds Bank.
Labelled ‘second steppers’ in Lloyds’ second annual report, almost two out of five prospective buyers (39%) have said it will be more difficult to sell their existing house this year despite increased equity.
This compares with almost one in five (18%) who made such a claim in 2015.
Andrew Mason, mortgage director at Lloyds Bank, said: “Second steppers are yesterday’s first-time buyers and the conditions to help them climb to the next rung on the property ladder are better than they’ve been for over four years.
“Despite this, many still feel that things are tough out there and that it’s getting more difficult to sell your first home and move up the ladder.
“Second steppers are telling us that finding the right property can be tough, and because of that, they’re delaying their move.”
Lloyds found that 35% of second steppers favoured moving to a period property, while 34% preferred new builds.
More than a quarter (26%) indicated that they wanted to move to a recently developed or renovated property.
Only 18% were looking for a renovation project.
Almost half (48%) said they preferred to live in a town, 39% wanted to live in a village, 30% in a city and 24% in the countryside.
Andrew added: “…If too many second steppers hold out for a long time for their ‘dream home’, this could reduce the availability of homes for first-time buyers and slow the market.”
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