" First-time sellers now say they have to wait longer to take the next step in the current buyers’ market."
35% of potential second steppers feel that it's harder to sell their current property now compared to 12 months ago.
On average, they have been in their first property for three and a half years, and expect to wait another 18 months before moving up the ladder.
Second steppers now intend to stay in their second property for around five years, with more than a quarter (27%) not planning to move again. However, the majority (59%) still think they will own either one or two more properties in their lifetime before reaching their dream home.
Meanwhile, another 27% of potential second steppers are considering staying put to undertake home improvements in case they can’t sell their property within their desired timescale.
Second steppers are increasingly having to compromise on personal circumstances, with 28% of respondents saying they plan to have fewer children than originally expected, which has more than doubled since 2016 (12%).
Andrew Mason, mortgages director at Lloyds Bank, said: “When considering their next property purchase, second steppers typically look for more space, a better location and a garden. However, first-time sellers now say they have to wait longer to take the next step in the current buyers’ market.
“The move up the ladder for second steppers is often linked with their aspirations in life, meaning they’ll have to wait until they have raised enough money or found the right property. This is an important step however, as movement from second steppers helps with the flow of properties suitable for first-time buyers on the market.”
