Almost 40% of the UK’s first time home owners are planning to take their second step on the property ladder, according to new research.
The number of first time buyers planning to put up a ‘for sale’ sign has jumped by 14% compared to the same period last year, the latest figures from Clydesdale and Yorkshire Banks reveal.
Among those planning to look for a home a third plan to move out of necessity as they have outgrown their current home while 24% 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% hoping to buy a new home, compared to just 29% of those in the South West
But for those unsure about moving, affordability is cited as the main concern by 30%. A further 29% said they were worried about finding their dream home while 18% feel 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,’ said 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 one of our fantastic fixed rate deals,’ he added.
A breakdown of the figures shows that there is not a great regional variation in buying plans. Those first time buyers planning to move range from 29% in the south west to 48% in the north east and the north west.
Those who say they have no plans currently to move range from 43% in the south west and Wales to 26% in the East of England while those who are not sure range from 38% in Yorkshire to 20% in the north east.