People are increasingly looking to purchase larger properties when they go in search of their second home, new research from Lloyds shows.
According to the Second Steppers Report from Lloyds Bank, people are looking to move into four bedroom detached houses, reducing the number of steps they need to take on the housing market before finding their dream family home.
The annual survey, running since 2010, has shown a difference of approach in the modern day to when it first started.
In search of different properties
In 2010, three-bedroom semi-detached properties were the preferred second step. At the time 60% revealed they were targeting a semi-detached property while 48% fancied a detached option.
While it remains the property type of choice in 2014, the proportion of those opting for it has fallen considerably – by around ten percentage points.
Instead, four bedroom properties have seen a significant increase with 31% of those surveyed saying they were looking for a house of this size, up seven percentage points from four years ago.
Detached houses have also overtaken semi-detached to become the most preferred option, with 54% compared to 51% of people targeting those properties.
It suggests that many people who are already on the housing ladder want to find their ideal home without having to constantly move properties.
Staying in first homes for longer
In order to achieve this, Second Steppers are staying in their first properties for around 19 months longer than they expected on average.
This could be because they are searching for the perfect home before making a move or as they wish to stay in a property to save and build up equity.
The average Second Stepper spends four years and five months in their first home, although only 6% of people intended to stay put for more than six years.
Despite these intentions, 36% of first time buyers end up spending six years or more in their properties before moving on. In order to finance their move, 37% of people have boosted their monthly savings while 41% are overpaying on their mortgages.
Increasing mortgage payments to fund dream moves
This means people are less concerned about the size of a deposit that they might require, as they better prepare to finance a move to a larger home.
The survey also revealed that people may be holding off from starting a family until they are in a suitable property with those moving as a result of needing more room to start a family dropped nine percentage points between 2012 and 2014.
People want value for money in their properties and are happy to increase mortgage payments if it means they can access their dream properties.
Higher levels of equity and increased savings pots mean more options are available for Second Steppers as they look to progress up the property ladder.