Over the last 7 years you and your family may have been desperately trying to move up the property ladder, but have been hit by the recession. Now could be the perfect time for you to try again; as a recent report has found that the number of existing homeowners moving in the UK has reached a 7 year high.
According to Lloyds Bank data, this 8% year-on-year increase saw around 365,400 people with a mortgage successfully move home in 2014, due to surging property values boosting their equity position.
We’re also aware that many homeowners in Darwen are extremely grateful to schemes such as Help to Buy, as they’ve played an important role to help widen the availability of low deposit mortgages within our community.
This is great news if you are planning on moving in 2015, whether you’re making space for your growing family or to take advantage of the extra value your home could have gained over the past few years.
What are ‘Second Steppers’ and how has the market affected them?
Typically 34 years old and married, ‘Second Steppers’ will have outgrown their first home and want to move up onto the second rung of the property ladder into a 3 bedroom house.
Second steppers are estimated to be sitting on £76,131 worth of equity in their existing home, this provides a 25% deposit for their next property, typically paying £299,428 for it.
Did you know: The average price paid by North West Second Steppers was £188,079 with a deposit of 30%, which is 3% less than the national average and may be why Lancashire is becoming such a property hotspot.
Lloyds Bank mortgages director, Andy Hulme, said: ‘A steady rise in property values in 2015 should further ease the constraint on many of those who bought their first home at the peak of the market in 2006 and 2007, enabling more of them to become second steppers.’
It’s never been a better time to buy your next home, and we know we are the estate agent to offer you the best guidance and advice. You deserve the chance to climb up the property ladder and we want to be the ones to make this possible for you and your family.
Discover how Ainsworth Lord Estates can help you move today by contacting us on 01254 760660 or email: Darwen@AinsworthLordEstates.com