Northern cities most affordable for second steppers

First-time homeowners who are ready to climb the property ladder to become second steppers will need to find an average £75,000, according to new figures.

However, the gap between first and second property purchases is lower and more affordable in northern England than in other parts of the country, in particular London and the south-east.

Price differential is £75k on average

Online estate agent House Simple analysed data from the Land Registry to reveal the price differential between a typical first-time buyer purchase of a flat and their purchase of a terraced or semi-detached home as their second step on the rungs of the property ladder.

According to House Simple, Durham in the north-east is the most affordable spot for second steppers. There they require a do-able £23,318 to buy for the second time.

The second-most affordable second stepper city is Nottingham where the price differential is £26,561, followed by Stoke-on-Trent (£27,027).

The rest of the top 10 is dominated by towns and cities in the north: 3. Blackburn (£28,207); 4. Middlesbrough (£29,172); 5. Doncaster (£29,297); 6. Bradford (£29,418); 7. Oldham (£29,897); 8. Hull (£30,380); 9. Liverpool (£31,011); 10. Manchester (£31,716).

Gap at its widest in London

The price differential is at its widest in London, naturally, where first-time homeowners need £343,134 to climb the property ladder.

St Albans in Hertfordshire has the next biggest price differential of £218,538; followed by Cambridge (£181,964); Oxford (£175,659); and Guildford (£145,381).

Prices still affordable

Sam Mitchell, House Simple's CEO, said: "Second steppers still face a major jump to transition from a starter home to their family home.

"The problem is particularly acute in London and the south of England. Things look brighter for those living or heading north where house prices, although on the up, are still in affordable territory.

"And with healthy local economies in northern cities like Leeds, Sheffield, Liverpool and Manchester, the wealth of job opportunities are attracting homeowners who are looking for a fresh start, a better quality of life and buying a family home is not just a pipe dream."