Land Registry data research by online estate agents Housesimple reveals that homeowners need to stump up an additional average of £75,388 in order to get onto the next step of the UK property ladder. The price analysis of semi-detached and terraced properties across the country shows that back in 2008, an average of £37,225 was required in order to buy your second property. When detached properties were also taken into consideration, the disparity was even greater, with £100,000 more required to move up to such a property from a first home.
Unsurprisingly, London is a particularly challenging area for second-steppers, with an eye-watering average of £343,134 required for Londoners to move onto their next property. Durham, by comparison, is much more affordable for those looking for their next home, requiring an average of just £23,318 for the step-up.
Sam Mitchell, CEO of Housesimple, comments: 'While we’re seeing a positive trend with more first-time buyers getting onto the property ladder, Second Steppers – primarily those upsizing from a flat to a terraced or semi-detached house – still face a major jump to transition from a starter home to their family home.
'Despite Government commitments to building more stock, family homes remain at a premium. The problem is particularly acute in London and the south of England, where the gap for Second Steppers can feel more like a chasm. As a result, Second Steppers migration from London has always been a major driver of house price inflation in commuter towns in the home counties and increasingly as far afield as areas of the south-west.'
'Things look brighter for those living or heading north, where house prices, although on the up, are still in affordable territory. And with healthy local economies in northern cities like Leeds, Sheffield, Liverpool and Manchester, the wealth of job opportunities are attracting homeowners who are looking for a fresh start, a better quality of life, and buying a family home is not just a pipe dream.'
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