Householders in Scotland looking to take their second step on the property ladder face a price gap of almost £115,000, research shows.
A Bank of Scotland Second Steppers report found half of people in this situation believe it will be more difficult to sell their home this year.
The study found the price gap between the sale price of the property of a typical first-time seller and their next home is £114,659.
However, they will have amassed £48,738 equity due to price rises on their current home from an average of £120,664 when bought to £139,284 now.
This cuts the price gap by 43%, meaning these buyers need to find an extra £65,922 by adding more to their existing mortgage or raising the funds from elsewhere to afford the average price of a typical detached home at £253,944.
Half of second steppers believe it will be more difficult to sell their property now than 12 months ago, with more than a third (36%) worried about the uncertain economic climate and 33% concerned about deposit size.
However, about a third (31%) said they believed market conditions for people in their position have improved and 40% think there are more first-time buyers.
A total of 41% said the biggest issue delaying them moving up the ladder was a failure to find the right property.
More than two in five (43%) said they will consider improving their current home instead of moving.Graham Blair, Bank of Scotland mortgages director, said: “Second steppers are the link between first-time buyers and the rest of the housing ladder.
“They are living in the homes that the first-time buyers need to buy, so it’s vital that this part of the market keeps moving.
“Whilst second steppers are telling us that challenges remain as they try to bridge the gap and find that dream home, market conditions have improved significantly in the past few years and are likely to remain, which should enable more second steppers to make the next move.”