HomeOwners Alliance logo

Sign up to our newsletter for the latest property news, tips & money saving offers

  • Can I move during local lockdown? Read latest advice

“Second-steppers” trapped in cramped homes

Report reveals plight of generation who cannot move up property ladder

A new report by banking group Lloyds has highlighted the misery of so-called “second-steppers” who cannot afford to move into homes suitable for growing families. Not only are young aspiring first time buyers suffering from our broken house market, the previous generation are also struggling. The typical second-stepper is around 40 years old, has settled down, and is looking to upgrade to a home with enough space to comfortably house their growing family.

Crucially many of these people bought during the boom when house prices were typically 10-20% higher than they are today. As the report mentions this means that many are trapped in negative equity.

Nitesh Patel, housing economist at Lloyds, said: “Even though many of today’s second steppers won’t have bought at the height of the market, many are still going to struggle to make that move up the housing ladder.

“House prices have been falling or flat for the past four years. As a result, many are still in a very low equity position. The difficulties faced by aspiring second steppers are having a considerable knock-on impact on potential first-time buyers due to the resulting shortage of properties available on the market.”


Leave a comment* Required

  1. No comments yet.

Latest Tweets

  • HomeOwners Alliance
    Don't forget to sign up to our newsletter this month for you chance to win £50 of John Lewis vouchers. With their… https://t.co/dE6XgcK9ZG

    26 October 2020

  • HomeOwners Alliance
    Whether you're buying your first home, you're a home mover or buying a second property, work out what stamp duty yo… https://t.co/1XFus2pg6j

    26 October 2020

  • Follow us on Twitter >

     

 
close popup ×

Make the most of your home this Autumn.

Sign up to our free newsletter this October for your chance to win a £50 John Lewis voucher. With their extensive home and garden collections you'll be spoilt for choice. For the latest news, advice and exclusive money saving offers.

Prize draw to win voucher offer ends 31st October 2020.
Read our privacy policy