Homeowners who are trying to sell their property and move up the housing ladder have been a little dismayed recently, as many believe it has become harder to sell their asset over the last year.

The latest findings from Lloyds Bank has revealed 35 per cent people who already own a property think it is more difficult to find new owners for their house now than it was 12 months ago, Property Wire reported.

Andrew Mason, mortgages direct at the financial services provider, said: “First-time sellers now say they have to wait longer to take the next step in the current buyers’ market.”

As a result of this, more than a quarter (27 per cent) of second-steppers are thinking about taking their home off the market and renovating it instead.

Many people do not want to wait to sell their current residence in order to have their dream home, which is why so many are considering improving the space they already have if they cannot sell their house within the timeframe they want.

Mr Mason stated that many second-steppers “typically look for more space”, which is something that can be achieved by loft conversion companies in Manchester.

By extending the property into the loft, homeowners not only add extra rooms to their home but also make it more attractive to future homebuyers when they do come to sell it.

Earlier this month, the Office for National Statistics revealed its UK House Price Index for September 2018, showing property values have increased by 3.5 per cent over the last 12 months. This rise in house prices could make it even harder for homeowners to sell their properties.