The apparent plight of first time buyers hits the headlines frequently but new research shows that second steppers face a wide gap between the price of their first and second homes.
Data from comparison servicer GetAgent shows that the current average paid by existing homeowners across Britain for their second property is £299,590, which is 40 per cent higher than the average of £214,452 paid by the average first-time buyers.
Regionally, Scotland is home to the biggest step between the first rung and the rest of the ladder, with existing homeowners paying 49 per cent more than first-time buyers. The South East (47 per cent) is also home to one of the largest steps, as are the South West and West Midlands (both 39 per cent).
At Elmbridge in Surrey the average first-time buyer pays a notable £453,521 for their first foot on the property ladder. However, should they want to climb even further, they face an average price of £791,740 – that’s 75 per cent more.
Woking is also home to a considerably large gap between first and second home ownership at 67 per cent with Surrey Heath (64 per cent), Mole Valley and Horsham (both 63 per cent) being well above average.
Six of the top 10 smallest gaps are located in London – in Tower Hamlets the gap is just six per cent. Other areas that present the easiest step between first and second homeownership include Blaenau Gwent and Gosport (both just 15 per cent) and Kingston upon Hull on 18 per cent.