Stepping up to help the second steppers
Have you heard of the second steppers – well, according to a notable large mortgage lender, they are currently the most hard pressed folk battling in this summer’s property market. They apparently are getting it tougher than the first time buyers!
Yes, we know ’em
Our man Paul Ainsworth Lord, founder of the Darwen’s top selling Estate Agents, Ainsworth Lord Estates, knows all about these ‘second stepper’ home-buyers in Darwen, Bolton, Blackburn and across the North West Region.
Under pressure buyer group
Explains Paul , “They are, of course, those looking to sell their first home and move up the market and yes, we are, aware that these type of buyers are being affected a good deal by the more recent in and out performance of the current property market all over the North West Region.
These buyers are indeed finding making a move as tough as any group of buyers who are currently scrambling up and down the homebuying ladder – and that includes ‘first timers’ Their move is usually from a small apartment to a terraced house, which here in Darwen involves, perhaps, a typical addition of say £30,000 on the mortgage and then there’s the moving expenses too.
Loss of income too perhaps
The ‘second stepper’ moves are often a question of need rather than ‘want’ as a child is on the way, which can also mean a loss of income, as the wife or lady partner will probably be giving up work for at least a while.
No specific help
It’s a fact to that this group have not had any specific targeted financial lender support, such as the first time buyers have enjoyed of late – stamp duty, special subsidised mortgages and so on.
Rising prices don’t help
Also, things for this particular group of buyers is not getting easier currently as house prices have been easing upwards over the past month by 0.5 per cent in May, according to new figures from the Halifax.
Bad news for property market
Adds Paul, “The pressure on this group of homebuyers, who exist very much here in Darwen and in neighbouring towns such as Bolton and Blackburn and right across the North West Region, is not good news for the housing market either. We need to see movement throughout the market and if these so called ‘second-steppers’ get stuck on the first rung, then movement in the bottom half of the homebuying ladder comes to a standstill and that impacts all the way up.”
High loan to value
Research shows also that the second-steppers are often those who bought their property at the top of the market and have a high loan to value mortgage, which means they may well be facing a shortfall as they now look for family houses rather than starter homes.
Attentive planning needed
Says Paul, “For those in this kind of situation, the keenest attentive planning of a home move is essential. Diligence and the right advice is vital to successfully obtain and manage the mortgage needed in order to find the finance needed.”
Here to help second steppers too!
Explains Paul, “As a responsible top selling Estate Agent in the Region, we make it our business to be aware of the particular pressures on all and every buyer group and these ‘second steppers’ certainly seem to demand some attentive well-considered support and advice right now as they try and make their move in today’s market. We can help them as we can all buyers in Darwen, Bolton, Blackburn and throughout the North West Region with advice, guidance and sources of finance.
Good property choice
We have a wide choice of property in the price range to help these home-buyers and we are well connected when it comes to affordable morgages. We are, of course, ready to use our well-respected network of mortgage and finance advisers in Darwen and the Region as a whole to assist this new pressured home-buyer group all we can to make the move they need to.”.