Climbing property ladder now harder says bank

Home owners trying to take their second step on the housing ladder have seen the cost more than double over the last decade.

Almost one in five would-be “second steppers” surveyed by Lloyds TSB said they might need to rely on the “bank of mum and dad” or even grandparents to plug the gap.

The price difference between a typical first-time buyer flat and a second stepper semi-detached home has reached £43,800 across England and Wales, soaring by 143 per cent from £18,000 10 years ago. The gap has increased by £3,000 over the last year.

People in the South-East face the biggest premium to take their second step on the housing ladder, needing almost £94,000. Londoners need around £64,000.

The smallest costs to climb the second rung of the property ladder in Wales, at £14,000 typically.

Many second steppers bought their first home around the height of the property boom, meaning that they might have struggled to move on as they have little or no equity left in their property.