"Those who are further up the property ladder appear to be more satisfied with their progression, whereas those who are just starting out may feel that they have a mountain to climb"
Whilst four out of five homeowners (81%) believe that they will have to wait longer to achieve their long-term aspiration than they would have a decade ago, the report shows that the number of homeowners thinking that has fallen steadily from 88% in 2012.
Similarly, whilst this year’s study shows that four in 10 (41%) believe the uncertain housing market has had an impact on housing aspirations, this number has fallen from 53% in 2012.
However a third (33%) said that they had expected to be further along the housing ladder than they currently are. The figure is higher for first-time buyers, with 43% saying they were lagging behind their expectations. By comparison, only 20% of those on their fourth move or more felt they were not where they had expected to be on the housing ladder.
Almost three quarters (74%) believe that they will achieve their long-term family home in no more than two more moves.
A three-bedroom home was the most popular choice to aspire to for a long-term home, with two in five (40%) saying that was their ideal home. One in four (24%) said that they wanted a four bedroom home. The most popular ‘extras’ on homeowners’ wish lists were gardens, garage space and conservatories.
More than half had been in their current property for more than a decade and the average length of time homeowners had been in their current property was 7.7 years. For first-time buyers this was 6.9 years, for second steppers 8.1 years, for third steppers 7.9 years and for fourth steppers 8.2 years.
Andrew Mason, Lloyds Bank Mortgage Products Director, said: “There’s still a perception amongst a large number of homeowners that their long-term aspirational home seems far off and they are not moving up the housing ladder as quickly as they had hoped, although this perception has been gradually improving over the last few years.
“Those who are further up the property ladder appear to be more satisfied with their progression, whereas those who are just starting out may feel that they have a mountain to climb before they reach their long-term home. Despite that, first-time buyers are in a slightly better position to move than they were a year ago and are the group most likely to be on the move.”
