In the last few years we've been told a lot about how difficult it is for first-time buyers to get on the property ladder.
There's been numerous Government measures put in place to try and help first-timers, the most notable of which has been the Help to Buy scheme.
For those that do finally purchase their first home, the relief must be palpable and the delight at moving into a place they can genuinely call home unrivaled.
But what happens to these people when they want to move on to their second property?
This group are known as 'second-steppers' and they're not a group we hear too much about in the mainstream press.
A recent study, carried out by price comparison site uSwitch, has identified something which could affect those looking to purchase their second home.
The research suggests that many second-time buyers could be faced with a 'deposit deficit' when they start scouring the market for an upgrade.
This is because price growth of houses has significantly outpaced flats over the last decade, and many buyers stop saving once they purchase their first home.
uSwitch analysed figures from property portal Zoopla, finding that house prices in Britain (terraced, semi-detached and detached properties) have increased by 21% since 2006.
Meanwhile, the average cost of a flat has increased by 15%.
The research surveyed 2,000 home owners living in their first property and found that 62% were looking to trade up to a house from a flat.
What's more, some 44% of those surveyed said they have no plans to save for a deposit for their next property purchase.
A high proportion of these people will therefore find themselves with a shortfall in funds, meaning they won't be able to put in an offer for the property they really want.
There's no denying that house price growth has been remarkable over the past few years – but only in very general terms. There are some areas and/or property types which haven't experienced growth anywhere near to the UK average – the figure which most people are most likely to see on the news or read about in the papers.
With all of this in mind, second-time buyers who want to move from a flat to a house will need to start saving before they can realistically think about purchasing.
It's unlikely you'll have to save as much as first time around and it'll probably be easier as you've done it before.
For more advice on buying and selling property in Wellingborough, get in touch with Hawksbys on: 01933 224444.
You can use our free instant online valuation tool to find out how much your home could be worth on the current market.
