Monday, 08 August 2022

Interest rates rise challenge

FIRST-TIME sellers see potential interest rate rises as their biggest challenge to moving up the property ladder, according to new research from Lloyds Bank.

With homeowners seeing the first interest rate rise in more than 10 years last November and further hikes predicted for 2018, the bank has launched its annual Second Stepper report.

It reveals one in three, or 35 per cent, of these households believe it will be more difficult to sell their home this year, with worries over the economy and the size of the deposit they’ll need.

Second Steppers are those people moving on from their first-time buyer homes to secure more space and a garden. Typically they bought their first property in 2014, when the average price of a first-time home was £167,137.

But, based on the latest house prices figures, selling their home for an average price of £211,296 would provide them with an average equity injection of £85,877 for their next home. That’s grown from £68,629 four years ago.

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