Higher house prices helps boost equity position for second steppers according to Lloyds Bank
Latest news release from lloyds Bank released 3rd March 2018 headlines ‘ Equity gains help Second Steppers fund the £136,000 price gap to trade up’
Lloyds Bank has launched its annual Second Stepper report, which tracks the challenges faced by First-Time Sellers. The report reveals one in three (35%) of these households believe it will be more difficult to sell their home this year, with worries over the economy, the size of the deposit they’ll need and a shortage of family-friendly properties.
Second Steppers are mostly couples and young families moving on from their first-time buyer homes to secure more space and a garden.
The latest figures show a lack of confidence about selling among this group, despite significant improvements to market conditions over the past five years.
Andrew Mason, Lloyds Bank Mortgages Director, said: “Second Steppers are optimistic about the market conditions, which are now better than they’ve been for over five years, and with many building up substantial equity in their homes and more first-time buyers entering the market, their next move may not be far away.
“However, the interest rate rise we saw late last year marks the first increase first-time sellers have seen since becoming homeowners and even though it was small it has caused some concern.”
Read the Lloyds Bank Second Stepper report 3rd March 2018 in full click here.
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