One in three homeowners disappointed with their progress up the housing ladder

William Turvill
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House Prices Are Stagnant In London
Nearly half of first-time buyers feel they are lagging behind their own expectations (Source: Getty)

A third of homeowners are disappointed with their progress up the housing ladder, new research has found.

Some 33 per cent expected to have advanced further than they currently have, according to a Lloyds Bank survey of around 1,000 homeowners.

The figure increases among first-time buyers, 43 per cent of whom said they are lagging behind their own expectations.

Read more: House prices went up in August - but experts say the outlook is "cloudy"

Despite disappointment among some of those surveyed, Lloyds reports homeowners’ housing aspirations are showing signs of optimism.

Nearly three quarters (74 per cent) said they expect to find their long-term family home in no more than two moves.

And while 81 per cent of homeowners believe they will have to wait longer than they would have done a decade ago, this is down from 88 per cent in 2012.

Read more: House price growth is driving up prosperity in cities outside London

“There’s still a perception amongst a large number of homeowners that their long-term aspirational home seems far off and they are not moving up the housing ladder as quickly as they had hoped, although this perception has been gradually improving over the last few years,” said Andrew Mason, Lloyds Bank mortgage products director.

Those who are further up the property ladder appear to be more satisfied with their progression, whereas those who are just starting out may feel that they have a mountain to climb before they reach their long-term home. Despite that, first-time buyers are in a slightly better position to move than they were a year ago and are the group most likely to be on the move.

The Lloyds survey found the most common reasons for moving house were: wanting to move to a new area (40 per cent), looking to downsize (38 per cent), current property too small (27 per cent) and wanting a bigger garden (14 per cent).

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