You’ll need £790,000 to move from a two bedroom to a three bedroom house in Camden
- Credit: Archant
Second steppers are struggling to move up the ladder in Camden, the third most expensive place to buy a larger property in London
To step up the property ladder from a two bedroom flat to a three bedroom flat will cost you an added £790,000 in Camden, an uplift of 94 per cent, according to a new report from Savills.
The figures place Camden third in the list of the most expensive for second steppers, behind Kensington and Chelsea in second, and Westminster.
The average 2 bed flat in Camden is priced at £835,000, with a three bedroom house coming in at £1,625,000, requiring almost £800,000 more to purchase a larger home.
In Hackney, second steppers will need £430,000 more, or 75.4 per cent, and in Islington the amount is 74.1 per cent, or £500,000.
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The average value of a two bedroom flat across the capital comes in at just over £500,101, with a three bedroom house at £819,965. Second steppers require £320,000 on average to take that second step.
Frances Clacy, research analyst at Savills commented: “This analysis clearly highlights that difficulties in the housing market are not just being felt by first time buyers. Those looking to move up the housing ladder are also faced with a struggle.
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“It also emphasises the price gap between inner and outer London boroughs. This means those in inner London looking to make this move, may extend their search further in order to make the most of their money.”
The news comes as Lloyds Bank have revealed that one in four second steppers say it’s harder to move up the property ladder than it is to get on in the first place.
Over a third of those asked said they would delay having children or have less than they planned in order to move up, with 56 per cent saying it took them longer than expected to buy their next home.
More than one in 10 said that they had to change their career to move up the ladder.
Those surveyed blamed the costs associated with moving, stamp duty charges and the inability to find the right property as reasons why they hadn’t been able to move.
39 per cent said it was harder to sell today compared to this time last year.
That in mind, 21 per cent said that they would rent their current property and move anyway, 27 per cent said they would improve rather than move, and over half said they would wait and see in their current home.
Just 9 per cent were willing to lower their asking price.
Andrew Mason, mortgage product director at Lloyds Bank, said:
“Moving up the property ladder has become more challenging for Second Steppers in recent years. The rise in house prices and moving costs, along with how difficult it is to find the right property means that they’ve had to wait longer than anticipated or even put off their move entirely until the right property comes along.
“Second Steppers seem to be very clear on what they want from their next property and will stay put and improve their current home rather than make any sacrifices. Our research also shows that most homeowners think ahead and understand that it could take up to four moves in total to reach their ‘dream’ home.”
The majority of those surveyed by Lloyds said that their ‘dream home’ would be a detached, four bedroom house featuring a driveway, garage and kitchen/diner. Interestingly, 4 per cent stated that having a pool or hot tub was their biggest priority in their next step up, with a garage coming in as the number one feature of the ‘dream home’.