Second steppers are a class of home-buyers who have previously owned a first home and are looking to buy a new home and move up the ladder. The current market in the UK for second steppers actually appears quite promising. However, these buyers feel a high level of apprehension towards making this leap towards the growth opportunity.
They feel that if they seek to move now, they will not be at an advantage to sell their current home and that the economy won't support selling their home as the market is too slow. Some 39% of second steppers feel that finding the right home will be the greatest obstacle.
Evaluations of the market reveal quite different data. Equity is the highest it has ever been, with an average first-time home at £205,723 producing £105,068 in equity. They need only to come up with the cost of a deposit on the new home and to secure the mortgage. Right now is a better time than ever to consider taking steps to buy a second home.
- While property market conditions have significantly improved in the UK over the past six years, buyers and sellers face fresh frustrations and lack of confidence in moving to the next step, new research has found.
"Second Steppers, mostly couples and young families moving on from their first time buyer home, think it will be harder to sell their property this year, partly due to concerns about the economy, according to the research from Lloyds Bank."
Read the full article: