Homeowners who want to upgrade their house will need to find a further £136,000 to buy their next house, making it hard for second-steppers to move up the property ladder.
According to Lloyds Bank, this group of homebuyers are deeply concerned about the market, as they need £135,985 to buy their perfect home; 35 per cent worry it will be hard to sell their existing property; and 39 per cent are stressed about interest rate hikes and the state of the economy.
Lloyds Bank mortgage director Andrew Mason said despite this, market conditions are “better than they’ve been for over five years”.
While there is quite a leap from the sale price of their first homes to the asking cost of their desired property, they have built up “substantial equity in their homes and [with] more first-time buyers entering the market, their next move may not be far away”.
Second-steppers typically spent £167,137 when they bought their first homes, and these properties are currently worth £211,296 on average. Therefore, homeowners have boosted their equity by £85,877.
This stake means they only have to find an extra £50,108 to put down as a deposit for their next property.
Those who are selling their homes will want to make them more saleable by doing simple but effective jobs on their home. External house painting in London is one of the most influential improvements that can boost chances of selling, as potential buyers are instantly more attracted to properties that look good on the outside, enabling venders to get more viewings.
Despite the challenges of upgrading your home, this is not deterring many households, as Lloyds Bank revealed last year that nearly a quarter are planning to move by 2022.
According to Lloyds Bank, this group of homebuyers are deeply concerned about the market, as they need £135,985 to buy their perfect home; 35 per cent worry it will be hard to sell their existing property; and 39 per cent are stressed about interest rate hikes and the state of the economy.
Lloyds Bank mortgage director Andrew Mason said despite this, market conditions are “better than they’ve been for over five years”.
While there is quite a leap from the sale price of their first homes to the asking cost of their desired property, they have built up “substantial equity in their homes and [with] more first-time buyers entering the market, their next move may not be far away”.
Second-steppers typically spent £167,137 when they bought their first homes, and these properties are currently worth £211,296 on average. Therefore, homeowners have boosted their equity by £85,877.
This stake means they only have to find an extra £50,108 to put down as a deposit for their next property.
Those who are selling their homes will want to make them more saleable by doing simple but effective jobs on their home. External house painting in London is one of the most influential improvements that can boost chances of selling, as potential buyers are instantly more attracted to properties that look good on the outside, enabling venders to get more viewings.
Despite the challenges of upgrading your home, this is not deterring many households, as Lloyds Bank revealed last year that nearly a quarter are planning to move by 2022.
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