More Second Steppers require financial support from Family and Friends according to Lloyds Bank

July 4, 2018

Many homeowners ready to take their second step on the property ladder now rely on financial help from family and friends to help make the jump from their first home, according to the latest Lloyds Bank Second Steppers report.

More Second Steppers are having to borrow from family and friends to trade up the property ladder, with one third (33%, up from 27% last year) saying that they require financial support from their mum and dad, grandparents or friends.

Andrew Mason, mortgage products director at Lloyds Bank, said:

“Support from generous family and friends remains vital in helping Second Steppers in taking the next step on the property ladder, despite more Second Steppers now feeling optimistic about the housing market.

“We continue to see parents make big sacrifices as their children return for help with housing for a second time. However, to ease the burden on parents, we are seeing more Second Steppers plan ahead for their next big move by saving and paying more to their mortgage.”

Read the latest Lloyds Bank Second Steppers report in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Estate Agent Talk

Yarmouth named the UK’s most prestigious marina

The latest research from eXp UK has found that living close to some of the nation’s most idyllic marinas comes at a significant cost, with Yarmouth Harbour topping the list for the highest house price premium in the country at 61.3% eXp UK analysed the housing markets surrounding 21 of the UK’s most picturesque marinas…
Read More →
LIVING BY THE SEASIDE 2022
Breaking News

Whitby crowned most exclusive coastal location

The latest research from Yopa has revealed that while Brighton in the South East is home to the highest monthly coastal mortgage cost, it’s Whitby in North Yorkshire that commands the highest premium when compared to the wider region, with the average monthly mortgage sitting payment 33.7% higher than the Yorkshire and the Humber average.…
Read More →
Breaking News

ONS report on private rental affordability

Private renters on a median household income could expect to spend 36.3% of their income on an average-priced rented home in England, compared with 25.9% in Wales and 25.3% in Northen Ireland in 2024. Private rental affordability has fluctuated since 2016 but remained above the 30% affordability threshold in England, while it moved below the…
Read More →
Breaking News

End of August Will See an 84% Increase in UK House Moves

The last week of August is always a busy time for moving, with an average of 3.5% of all yearly moves taking place in that week, being the busiest week for moving in 2023 and the second busiest week for moving in 2024. 2025 is expected to be no different and should see a larger…
Read More →
Damaged timber from Dry Rot
Breaking News

Surveying capacity is being outpaced by compliance demand

The surveying industry has a problem: the shrinking capacity of surveyors is coming face to face with an increased compliance demand. Expert insight from Property Inspect suggests that increasing the workforce alone is not enough to fix the problem. The profession must also be equipped with Golden Thread compliant evidence packs that accelerate building safety…
Read More →
Breaking News

Apprentices often able to buy homes years earlier than graduates

With A-level results finally released, for those torn between university and an apprenticeship, there’s more than just career direction to consider. In the past few years, data has shown that apprentices are often able to buy homes years earlier than graduates, a growing financial gap that’s making home ownership feel close to impossible for many…
Read More →