Second-time buyers have mixed feelings about the housing market this year

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Second-time buyers are split in their attitudes to the market this year, as beneftis from house price growth are offset by concerns over the economic backdrop.

So-called "second-steppers", who are moving on from theirs first home, see potential interest rises as their biggest challenge, according to Lloyds Bank.

But 40 per cent of people in this category thought that the market was more favourable for second-steppers this year.

Strong house price growth could give the average second-time buyer an equity injection of £86,000 towards moving into their new home.

However, just over a third of second steppers (35 per cent) think it will be harder to sell their existing property this year than it would have been a year ago.

Read more: Over-pricing by estate agents has led to a buyers market in London

Over a quarter (29 per cent) were worried about the economic climate, and 30 per cent were worried about raising a big enough deposit.

Meanwhile one in four (26 per cent) are struggling to find the right property to move to. Many second-time buyers are looking for a bigger house with a garden to accommodate children, but respondents told Lloyds there was a shortage of family-friendly property.

The rate of people taking matters into their own hands has jumped as a result, with 40 per cent looking to do more home improvements compared to 34 per cent last year.

“Second Steppers are optimistic about the market conditions, which are now better than they’ve been for over five years, and with many building up substantial equity in their homes and more first-time buyers entering the market, their next move may not be far away," said Andrew Mason, Lloyds Bank Mortgages Director.

“However, the interest rate rise we saw late last year marks the first increase first-time sellers have seen since becoming homeowners and even though it was small it has caused some concern.”

Read more: The percentage of first-time buyers getting mortgages approved has rocketed

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