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One in seven second steppers ‘relying on money from family to buy next home’

By Vicky Shaw, Press Association Personal Finance Correspondent
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One in seven second steppers ‘relying on money from family to buy next home’

Some 14% of second steppers are planning to borrow money from family to help them move up the property ladder, Nationwide Building Society has found.

One in seven home owners planning to take their second step on the property ladder are relying on cash from family members to help them make the jump, a survey has found.

The research from Nationwide Building Society suggests the help needed from the Bank of Mum and Dad stretches beyond buying a first home.

Some 14% of second steppers, home owners who have previously been first-time buyers, are planning to borrow money from family to support their next move up the property ladder.

The survey found 85% of second steppers say they would have to make some sort of sacrifice to be able to move up the housing ladder, which could include changing jobs, lifestyles or delaying plans to get married or start a family.

The majority of second steppers want to move to a detached home, the survey found.

When looking at what aspect of their next property they may be willing to compromise on, the size of the bathroom, kitchen and the number of bedrooms were the aspects of a home that second steppers were the least likely to budge on.

A conservatory would be the most likely aspect of a home that second steppers would be willing to forgo, followed by a garage, a driveway and ideal schools.

Henry Jordan, Nationwide’s director of mortgages, said: “There is a great deal of focus on the difficulties facing first-time buyers trying to get onto the property ladder but, as the research shows, second-time buyers are facing a variety of difficult challenges of their own.

“Many are having to make compromises in terms of size or location of their new home, or make spending cutbacks and personal sacrifices to move and avoid becoming stuck in a property that isn’t appropriate for their changing needs.”

More than 1,000 people from across the UK who are living in their first home were surveyed.