• Blog
  • Blog
  • Time is right for “second steppers”

Time is right for “second steppers”

Market conditions are looking good for flat owners with ambitions to upgrade to a house in and around Stoke Newington. For years substancial house price growth meant making the leap from owning a flat to a house in this area was unattainable for many. But stamp duty reforms have seen less steep value increases for houses and the price gap between houses and flats is the lowest it has been for ages.

Second-steppers (those looking to move from a flat to a house & second time buyers) should strike while the iron is hot. The gap between the cost of a flat and a house in this area hasn’t been this low for a very long time. Those who have owned a flat for a while will benefit from big increases in equity and, if they’re looking to buy a house in the future, it’s worth acting fast before house prices start to rise more rapidly again.

Stamp duty was increased on all homes priced above £937,500 in December 2014 and a further three per cent premium was introduced on second homes in April last year. That and political uncertainty surrounding Brexit and the General Election, means asking prices for houses in excess of £1,000,000 in this area have started to fall. 

A recent report by Lloyds Bank found that although conditions are better for second steppers, an increasing number fear it will be harder to sell their home, partly due to concerns about the economy.

A lack of confidence and fear around how political events could impact house prices is preventing some flat-owners from taking the next step – many believe selling their existing home will be harder and they should wait until the value of the property goes back up but houses and larger flats are much more affordable now for those looking to upsize and the opportunity is too good to miss. Waiting for the value of your property to go up first will mean paying even more for the property you would be upsizing too. 

A good agent will step up and work harder when things are uncertain and they’ll price the property correctly and have a database of potential buyers and the ability to match well. Over 75 per cent the homes marketed by Location Location sell – most within a fortnight and most go for asking price or above. No other agent in the area can match that.

In the past 12 months Location Location’s nearest competitor on Church Street sold just 40 per cent of the properties they took on.

    Posted 17th May 2017

    ABOUT THE AUTHOR

    Vicky BibirisManaging Director

    Vicky started with Location Location as a junior negotiator in 2006 and within a short period of time became the top performing sales consultant in the company taking on the role of Branch Manager in 2009. Vicky's exceptional ability is backed up by her infectious enthusiasm for people and property, this led to her becoming Sales Director and equity partner in 2012. Vicky has been an integral part in establishing Location Location's reputation as one of North London's leading estate agents.