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  1. ITV Report

Home owners failing to take a second step up the ladder

'Second Steppers' are failing to move on. Photo: PA.

Growing numbers of home owners across the region who are planning to take their second step on the property ladder think it is getting harder to make the jump, a report has found.

Despite typically sitting on more than £100,000 of equity, nearly two-fifths (39%) of 'second steppers' surveyed believe it will be more difficult to sell their home this year compared with 12 months ago, this is an increase compared with 18% of second steppers who felt this way when a similar survey took place in 2015.

Second steppers are often couples and young families moving on from their first-time buyer flats to get more space and a garden.

Credit: ITV News.

It comes as the average price gap faced by 'second-steppers' across the UK between their first and second home is around £108,923 in the East Midlands, and £140,645 in the West Midlands.

The research found a lack of confidence about selling among this group, despite 45% of second steppers feeling that their equity position has improved over the last year.

Around one in three are considering staying put and improving their existing home rather than moving. While 32% said they are struggling to find the right property and 26% are worried about the uncertain economic climate.

Second steppers are often couples and young families moving on from their first-time buyer flats to get more space and a garden. Credit: PA.

Andrew Mason, Lloyds Bank mortgage director, said:

"Second steppers are telling us that finding the right property can be tough, and because of that they're delaying their move.However, if too many second steppers hold out for a long time for their dream home this could reduce the availability of homes for first-time buyers and slow the market."

– Andrew Mason, Lloyds Bank mortgage director.