'Second steppers' on property ladder face some of toughest conditions for 25 years - but it is better than 2011 | This is Money

'Second steppers' on property ladder face some of toughest conditions for 25 years - but it is better than 2011 | This is Money

Home owners reaching for the second rung on the property ladder face some of the toughest market conditions seen in a generation, a study has said.
The typical cost for a 'second stepper' to trade up is currently around 4.7 times average earnings - its second highest level in quarter of a century, according to Lloyds TSB's home movers review.
The situation has improved slightly on a year ago, when the ratio stood at 5.2.
But the problem is creating a 'bottleneck' in the housing market by limiting the choice available to first-time buyers who have fewer properties to try to buy and move in to.