Second Steppers: trapped in first home
Lloyds TSB has today launched its annual ‘Second Stepper’ report which tracks the ongoing plight of first time sellers amid a challenging housing market. The report reveals that home affordability for Second Steppers has become much less favourable and declining house prices have led to equity shortfalls for many.
Second Steppers are homeowners looking to sell their first home and move up the ladder. Many potential Second Steppers in today’s market would have bought close to the peak of the market and are now finding it increasingly difficult to get off the ‘first rung’.
Stephen Noakes, Mortgage Director, Lloyds TSB explains:
"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. 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.
“To achieve a sustainable housing market we need to see movement throughout the market. 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.”