Home owners living in their first home are increasingly looking to move into bigger four bedroom detached houses, reducing the number of steps they’re taking on the property ladder to get to their long term family home.
This is one of the findings of the fourth annual Second Steppers Report from Lloyds Bank, which reveals that property moves have changed since 2010, when three bed semi-detached properties were the preferred second step.
At that time, almost two thirds (60%) said that they were looking to move to a semi-detached house, with half (48%) saying detached properties would also be an option. Fast forward to 2014 and 54% of Second Steppers stated they would be looking to move to a detached house, with only 51% saying they would consider a semi-detached property.
The report also found that Second Steppers are becoming increasingly prepared for their next move, and take their time before making the jump up to a family home. On average, they are spending 19 months longer in their first property than they expected as they continue to save and build up equity.
"Second Steppers are increasingly looking to move into their long term family home for their next move, with detached houses now the property of choice for this group,” explained Andy Hulme, Mortgages Director at Lloyds Bank.
“They’ve realised that they need to be savvy with their money, with more Second Steppers saving more each month and overpaying on their mortgage,” he added. “Higher levels of equity and larger savings pots are allowing them to put more down in deposits, helping them make this big jump up the ladder.”
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