Former first time buyers who are looking to move up the property ladder are finding it increasingly difficult to do so, research has found.
While the plight of first time buyers struggling to get on to the property ladder is often highlighted, it seems that first time sellers are finding it just as difficult to move house.
Research, carried out by Lloyds TSB, found that more than one in five first time sellers now believe it is harder to move up the property ladder than it was to get on it in the first place.
And a further 61% of ‘second steppers’ say they have been stuck on the first rung of the property ladder for more than 12 months.
The struggle faced by second steppers has been put down to a number of reasons including home affordability, the high cost of moving and a lack of buyers.
“First time sellers are now faced with some very tough challenges when trying to make their next move on the property ladder and many are finding it more difficult than getting on the ladder in the first place,” said Stephen Noakes, Mortgage Director at Lloyds TSB.
“It is vital that this group of home movers receive more support and attention as they play an intrinsic role in getting the housing market moving again.”
The research found that second sellers don’t hold out much hope for the coming year, with 34% believing it is going to be harder to sell their property this year than last.
“To achieve a sustainable housing market we need to see movement throughout the market,” added Mr Noakes.
“If second steppers get stuck on the first rung, movement at the bottom half of the ladder comes to a standstill, and this bottleneck will not only restrict the supply of starter properties but will have a knock on effect across the whole of the housing market.”