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Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly,

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Second steppers return to bank of mum and dad

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One in six second steppers in Scotland are contemplating turning to the bank of mum and dad to plug the gap between the value of their first home and the cost of the house they would ideally move to, according to the latest research from Bank of Scotland.

The majority of Scotland’s second steppers will be hoping to use savings (65%) or equity in their current property (73%) to fund the move to their second property. However, almost one in eight (12%) are apparently also considering going back to their family – such as parents and grand-parents – to ask for financial support.

The research highlights that almost two thirds (61%) of second steppers have wanted to climb up the ladder in the past 12 months but have been unable to do so as they face an increasing number of challenges.

Over half (56%) of all those questioned agree that not having enough saved to cover the deposit is preventing them from taking the second step on the property ladder. However, over two thirds (68%) of second steppers are struggling to find a suitable (34%) or affordable (34%) property.

Whilst almost half of first time buyers surveyed in Scotland are currently living in flats (48%), over half (56%) hope their next move will be to a three bedroom house. The average value of a flat currently stands at £111,496 compared with £132,700 on average for a semi-detached house. This means that those looking to make this move face a 19% premium just to trade up, before adding on the cost of moving or the potential that there may be an equity shortfall in their current property.

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Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly.

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