UK second-steppers still require financial help to move up the property ladder
Despite widespread property value increases in recent years, many individuals hoping to take their second step on the property ladder continue to need financial support to do so.
Research published by Lloyds Bank revealed approximately one-fifth (17 per cent) of homeowners looking to upgrade to their second home require the aid of family or friends to afford to move, with a further £22,000 needed on average to make their moving dreams a reality.
Overall, 71 per cent of homeowners will use the equity in their current property to fund the gap in their moving aspirations, while over half (57 per cent) said they would also need to raid their savings.
Lloyds Bank mortgages director Andrew Mason commented: “Parental support has been playing an important role in helping young people get on the property ladder for decades but this is being stretched further, with many second steppers continuing to be reliant on the Bank of Mum and Dad to help them make the next move.”