Confidence grows among UK's 'second-steppers'

Wednesday 26th October 2016

Market confidence among the second-stepper demographic – first-time owners looking to take their next step on the property ladder – is on the up.
That's the message from a new study by Clydesdale and Yorkshire Banks. The survey shows that the proportion of soon-to-be second-steppers looking to make their next move has increased by 14% compared to last year. 
Among those planning on putting up a for sale sign, a third plan to move out of necessity as they have outgrown their current home, while 24% are more focused on moving up the property ladder.
The regions with the most motivated second-steppers are the North West and North East. Those in the South West, however, were the least keen on upping sticks and finding a new home. 
For those unsure about moving, affordability is cited as the main concern, followed by worries about finding a dream home or feeling hesitant about taking on a larger mortgage.
"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," says Steve Fletcher, head of customer banking networks for Clydesdale and Yorkshire Banks.
"Affordability is the other key factor but the current low interest rate environment means it's a great time to secure [a] fantastic fixed rate deal."

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