2 in 5 “Second steppers” need more space06 May 2016
A recent report shows that 2 in 5 families are desparate for more room but they can’t move as they can’t afford to trade up and many are stuck in negative equity situation. ” Second steppers” ( those looking to buy their second property) are finding that with the arrival of a new babies and a growing family they need more space. They are likely to be those who bought therir first property when property prices were at the peak and now they face a difficult situation where theire homes may well be worth less than they paid for them and in more serious situations be in negative equity. Many of these homeowners can’t benefit from various incentives available to first time buyers and reduced equity in their property means raising a decent deposit for the second property can be difficult. The full report can be viewied online.