Confidence grows as second steppers step up search for a new home

The Glasgow-based lender found that almost 40 per cent of the UK’s first time homeowners are planning to take their second step on the property ladder, its latest figures, gathered along with Yorkshire Bank, have revealed.

The results show the number of first time buyers planning to put up a ‘for sale’ sign has jumped by 14 per cent compared to the same period last year.

Among those planning to up sticks, a third plan to move out of necessity as they have outgrown their current home while 24 per cent are focused on moving up the property ladder.

The research also underlined the variety of aspirations of ‘second steppers’ across the UK.

Those in the North East and North West are the most focused on moving with 48 per cent hoping to buy a new home, compared to just 29 per cent of those in the South West.

But for those unsure about moving, affordability is cited as the main concern for almost one in three (30 per cent).

A further 29 per cent said they were worried about finding their dream home while almost one in five (18 per cent) feel hesitant about taking on a larger mortgage.

Steve Fletcher, head of customer banking networks for Clydesdale and Yorkshire Banks, said: “Second steppers often have more factors to consider than first time buyers. These include having enough room for a growing family or being close to a specific school.

“Affordability is the other key factor but the current low interest rate environment means it’s a great time to secure one of our fantastic fixed rate deals.

“For anyone still unsure about moving, I’d say come and talk to us. We’re offering some of our lowest ever rates, including a five year fixed rate at 2.99 per cent with 75 per cent loan to value.”

For would be second steppers struggling with a deposit Clydesdale and Yorkshire Banks also offer a Home Mover Mortgage with a 95 per cent loan to value fixed for three years at 3.99 per cent.

Regional Breakdown of Plans for First Time Homeowners:

Region

Planning to Move

Not Planning to Move

Not Sure

North East

48%

32%

20%

North West

48%

30%

22%

London

45%

34%

21%

South East

41%

31%

28%

UK average

39%

33%

28%

East

38%

26%

36%

Scotland

38%

31%

31%

Midlands

33%

34%

33%

Wales

33%

43%

24%

Yorkshire

31%

31%

38%

South West

29%

43%

28%