In the modern age that we live in we are just about getting used to LOL, TMI, BRB and NSA but even I am surprised by more jargon on the property market. Everybody know what constitutes a first time buyer but today I have come across a rare species known as a “second stepper”; which after a WTF moment, I realised was the new jargon for someone who is a second time buyer. The actual article where the phrses “second stepper” appears was written by a housing economist at Lloyds TSB and included some very useful information. Throughout the UK, people who were first time buyers 4 or 5 years ago and are now looking to buy for the second time are finding that their initial deposit has been eroded by the fall of house prices since 2008. Therefore, rather than bring out some headline-grabbing first time buyer schemes, maybe the government should look at helping hard-working, credit-worthy homeowners who are the back-bone of the british economy.
