A third of British homeowners 'frustrated' by their lack of progress on housing ladder

 
A third of British homeowners 'frustrated' by their lack of progress on housing ladder [Photo: nikauforest via iStock]

A third of homeowners in the UK are frustrated that they have not been able to move up the housing ladder at a pace they would have expected to, according to a report released this week by Lloyds Bank. 

Many people, especially those who are living in their very first homes at the moment, said they would have expected to have moved up the property ladder at a far faster pace than they have, while others still feel like they are a long way from living in the property they expect to spend the rest of their lives in. 

In total, some 74 per cent of homeowners said they feel like they will need to make another two or more moves from their current homes before they have managed to settle in the property they see themselves living in for the rest of their lives. 

Lloyds said that one of the major issues that is causing this problem at the moment is the fact that many homeowners are now having to face climbing property prices year after year that make it harder to go higher up the ladder.

However, fewer people are frustrated about their own lack of property progress than in recent years. While the number currently sits at around three-quarters, Lloyds said that it has fallen substantially in the course of the last few years, dropping from the 88 per cent that was recorded as recently as the summer of 2012. 

Andrew Mason, mortgage products director at Lloyds Bank, said: "There's still a perception among a large number of homeowners that their long-term aspirational home seems far off and they are not moving up the housing ladder as quickly as they had hoped - although this perception has been gradually improving over the last few years."