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Second stepper sales in decline

30th October 2012 | back to article listings BACK    print this article PRINT

A new study has found that sales of second stepper properties have declined in 65% of places in England and Wales - the highest proportion since 2009.

The research, which was conducted by Lloyds TSB, shows that sales of such properties went down in 374 of the 577 towns and cities covered in the survey during the first seven months of this year.

The total has risen by 2.2% from 366 at the same point in 2011, with towns in the south of England experiencing the largest falls, and Lloyds TSB housing economist Suren Thiru says that action is needed to improve the situation.

"The current difficulties facing second steppers remain one of the key challenges in today's property market, which needs to be addressed to avoid the traditional property ladder turning into something of a slippery slope."

Greater London (79%) is the region with the highest proportion of places that saw a drop in second stepper sales but the north of England (73%) and the North West (70%) were not too far behind.

And Lloyds TSB found that first-time buyers intended to stay in their first home for an average of four years, so a lot of second steppers in 2012 bought their first house at somewhere near the peak of the UK property market.

Copyright Press Association 2012

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