Additional financial support is still required to help those jump from their first to their second home, suggests the latest Lloyds Bank Second Steppers report.
Almost a third (32%) of ‘second steppers’ think they will still rely on financial help from family and friends to move up the property ladder.
Of those who require financial help from their parents, 47% believe that their parents have had to make sacrifices in order to help them move up the property ladder.
To get their deposit for their next move, 63% plan to use their equity from their current property, whilst two-fifths (41%) will use their savings the report reveals.
Just over a third ‘second steppers’ felt that they wouldn’t be able to make the next move on the property ladder without financial assistance.
One in four second steppers think it is now harder to move up the property ladder than to get on it in the first place.
Andy Mason, mortgage director at Lloyds Bank, said: “Parental support continues to play a vital role in helping young people to get on the property ladder.
“However it is clear that despite improved conditions for this part of the housing market, second steppers will still rely on the ‘bank of mum and dad’ with hard-pressed parents being once again called on for financial help.”
Lack of affordable property, the cost of stamp duty tax and potential changes to interest rates are all notable issues raised within the report as being on ‘second steppers” minds as they plan their next move.
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