There could be more people looking to move into their second home this year, after a new report noted that the housing market has improved for so-called second steppers – those who want to move from the first home they bought.
According to research carried out by Lloyds Bank, house price increases have helped them boost their equity, which could make it easier for them to purchase a larger home.
However, the bank also noted that, due to concerns over interest rate rises and worries about how difficult it will be to sell, many are choosing to stay where they are and instead improve their existing abode.
This could mean that more people are considering the benefits of attic conversions in Nottingham as a way of increasing the usable space in their home without having to go through the expense or upheaval of moving.
Over one-third of those surveyed by Lloyds Bank revealed that they wished they’d purchased a larger home as their first property.
Although there are concerns among second steppers, 40 per cent believe that market conditions have improved for them compared to a year ago.
Lloyds Bank mortgages director Andrew Mason noted that market conditions are “now better than they’ve been for over five years”. He added that rising numbers of first-time buyers entering the market will help this group to sell their properties and move up the housing ladder.
If you’re among those who have decided to stay where you are and improve rather than move, it’s vital that you fully understand the cost of any renovation project you plan to undertake. For loft conversions, for instance, you should research the different options available as some can be more affordable than others.