The UK housing market is now at a point which could be quite beneficial for those homeowners who are looking for a second or maybe even a third home. The timing is right and the recovery has been going along nicely enough that house prices are now in line with opportunities not possible before now. Those who have been living in their homes for around five years are at a favourable point to look at jumping on to the next property rung of the ladder. Equity within their homes has reached a point that it is now possible to use it towards another property.

It is no secret that house prices have been rising for years now and making it possible to gain large chunks of equity within one’s home. That increase in equity can be used towards other properties. If a holiday home is the goal, it could now be possible. The same thing can be said for a buy to let. Home owners with five or more years in their property have now reached an enviable position and should think about using that position to their benefit, according to Lloyds Banking Group.

Martin Ellis, chief economist at Lloyds Banking Group commented on the opportunities which now lay before home owners which may fit into this set of criteria, saying: "The standard first-time owner [with a household income £58,500] has lived in their home for four-and-a-half years, meaning they bought in 2009 or 2010.

"House price appreciation over that time has boosted the equity they can put towards their next home and progress up the ladder.”

Ellis added: "But it was all about getting on the ladder at the right time. Those first-time buyers who bought at the peak of the boom in 2007/08 will not have accumulated as much equity and could face a severe problem."