Help needed for second stepper as conveyancing sales fall
The number of “second stepper” house sales has fallen by almost two thirds, according to new research by high street lender Lloyds TSB.
374 out 577 (65%) towns and cities across England and Wales experienced an annual decrease in the number of second time buyers, the highest total since 2009.
Greater London experienced the highest fall (79 per cent), followed by the North of the England and the North West, 73 and 70 per cent respectively.
There were some areas, however, which have seen an increase in second time buyer conveyancing; Ashington in Northumberland enjoying the largest growth (85.7 per cent) as well as March in Cambridgeshire and Bude in Cornwall (both at 60 per cent). Nevertheless such increases are a rarity at present and, in general, wannabe second steppers remain prisoners in their own home.
Suren Thiru is the Housing Economist at Lloyds TSB:
“With many second steppers struggling to fill the financial void left by the erosion of their equity position amid lower house prices and the sizable cost of trading up, it is unsurprising that sales of typical second stepper homes have declined significantly over the past year.
“The current difficulties facing second steppers remain one of the key challenges in today’s property market, which needs to be addressed to avoid the traditional property ladder turning into something of a slippery slope.”
Content correct at time of publication