Nearly 40% of the UK’s first time homeowners are planning to take their second step on the property ladder, according to latest figures from Clydesdale and Yorkshire Banks.
The results show the number of first time buyers planning to move has risen by 14% compared to the same period last year.
Among those planning to move, 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 for 30%. A further 29% said they were worried about finding their dream home while 18% 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.”
