A new report by Lloyds Bank has revealed the cost of moving up the property ladder, for some, is just over £20,000.

The research pertains to a group of home movers called 'second steppers' - those wishing to sell their very first purchase to trade up to a bigger property. How is it possible to buy a bigger home for just £20,000? It's mainly to do with the equity that second steppers have amassed in their properties.

The Lloyds report focuses on average prices that reflect the UK as a whole, using the premise that a typical second stepper bought their first ever property in 2012, when the average price of a first-time home was £140,004. 

Based on the latest house price figures - which puts the average UK first-time buyer property at £205,723 - a sale at this price would provide second steppers with average equity of £105,068. When mortgage repayments made are also taken into account, the mover would only have to borrow an additional £21,005 on their existing mortgage to buy their ideal home – typically a detached property worth in the region of £331,796.

We know London is a property micro climate of its own and figures are different in the capital. Based on data from Land Registry, first-time buyers who purchased a property in London in 2012 will have seen their property rise in value in the region of 55%, reaching an average of £522,105.

Lurot Brand - the mews specialist estate agent in Central London - found that in the Kensington & Chelsea borough, second steppers can expect to sell their home for 36% more than what they purchased it for while in Westminster, appreciation is even greater. It is possible for second steppers in this borough to sell for 50% more than the initial purchase cost.

If you'd like a current valuation of your London property or would like advice about taking the next step up the property ladder, contact Lurot Brand today.