There is a lot in the press at the moment about how first-time buyers are struggling to get on the property ladder, but for those who’ve already bought a home moving on is a bigger concern – and something many think is more difficult than buying a property in the first instance.
Property Reporter shared research from Lloyds Bank, which revealed that one-third of homeowners claim to be stuck on the property ladder.
These so-called second steppers are now staying in their homes for an average of five years before moving. However, 27 per cent of those surveyed said that they are planning to carry out home improvements in case they’re unable to sell their property in their desired timeframe.
That could mean more people will be shopping for painting supplies in the UK in the coming months and year in a bid to refresh their home and give it a facelift rather than selling.
If you’re hoping to carry out more substantial alterations, you may need to find some extra funding to help you with a large-scale project.
Earlier this year we shared some advice about how you can source the cash you need for home improvement schemes. For instance, you may want to consider equity release or remortgaging if the project is especially expensive.
Meanwhile, those who are hoping to move are typically looking for similar things in their next home, Andrew Mason, mortgages director at Lloyds Bank, revealed. “When considering their next property purchase, second steppers typically look for more space, a better location and a garden,” he commented.
Mr Mason also pointed out that it’s important for people to be able to move on from their first homes, as this ensures there is a steady supply of properties suitable for first-time buyers coming onto the market.