Second Steppers: trapped in first home
25 February 2012
Bank of Scotland has today launched its annual ‘Second Stepper’ report which tracks the ongoing plight of first time sellers amid a challenging housing market in Scotland. The report reveals that home affordability for Second Steppers has become much less favourable and declining house prices have led to equity shortfalls for many.
Carol Anderson, Head of Mortgages at Bank of Scotland commented explains:
"First time sellers in Scotland are now faced with some very tough challenges when trying to make their next move on the property ladder. Almost two thirds of Scottish Second Steppers have wanted to climb up the ladder in the past 12 months but have been unable to do so as they face an increasing number of challenges. It is vital that this group of home movers receive more support and attention as they play an intrinsic role in getting the housing market moving again.
“To achieve a sustainable housing market in Scotland we need to see movement throughout the market. If Second Steppers get stuck on the first rung, movement at the bottom half of the ladder comes to a standstill, and this bottleneck will not only restrict the supply of starter properties but will have a knock on effect across the whole of the housing market.”