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Thu 11 Jun 2015

Growing positives for 'second-steppers'

The outlook for homeowners planning to move from their first property up to the next rung on the nation's housing ladder has improved in recent months, new figures have revealed.

Data published by Lloyds Bank has shown rising average house values over recent months have served to offset any losses that saw property owners fall into a state of negative equity during the economic downturn, meaning many are now in a position to move if they so desire.

On average, homeowners looking to take their next steps up the UK housing ladder are holding equity on their present property of £87,000.

However, therein lies the rub, as the additional typical costs of moving to the next level of property (most commonly a detached home) now stand at around £127,000.

Andy Hulme, Lloyds Bank mortgages director, commented: "Whilst challenges remain as Second Steppers try to bridge the gap to the next rung on the ladder, a steady rise in property values in 2015 should further ease the constraint on many."

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