Homeowners frustrated at lack of progress on property ladder

October 31, 2016 by Brendan O'Neill

Home owners

According to a recent report produced by Lloyds Bank, one third of home owners feel frustrated at the lack of progress made climbing up the property ladder.

The report also revealed that of the homeowners who aren’t in the property which they would like to remain in, 74% believe that they will have to move two more times to reach their desired home. The report found that the rapidly increasing property prices were making it harder for homeowners to move to a bigger home.

First time buyers were much more likely to report that they hadn’t reached as far up the property ladder as they had expected. Around 33% of all homeowners felt they hadn’t reached their desired property as quickly as expected, while 43% of first time buyers felt that way.

The survey of 1,000 homeowners had been conducted before the EU referendum had taken place. Following the EU vote, Bank of England base rates also fell to 0.25%. The research also found that the lowest average price of a three-bedroomed home is in Northern Ireland, at £114,940. The most expensive average price of a three-bedroomed home is in London, at £485,050. Property prices fell slightly during the summer, by £3,602, due to Brexit and the traditional summer slowdown.

Homeowners who are considering a further property move, may want to seek expert advice from a CeMAP qualified mortgage adviser, who may be able to source a cheap fixed rate deal to help reduce costs.