THE traditional property ladder has collapsed, says a leading mortgage provider. The rungs leading up at regular intervals from one bed flat through to mansion have been quietly dismantled by the British homeowner.

In its place is a much more imaginative “stairway to heaven” as people strive to reach an ideal lifestyle rather than a specific sized property.

The obituary for the property ladder is published in a report by The Woolwich, Britain’s fourth largest mortgage provider.

People are progressing towards security - not status. Nearly half of us (46 per cent) say that being mortgage-free is the ultimate goal. The most reliable indicator of having progressed is living in a desirable area (49 per cent). This was cited as almost twice as important as more traditional indicators like an increase in property size and an increase in property value, so bigger isn’t better if the location isn’t right.

The Woolwich spent time working with a psychologist, Dr Linda Papadopoulos, to analyse today’s homeowners’ attitudes towards moving. Based on this analysis, four distinct groups emerge:

Heaven’s residents: 25 per cent have reached their own personal “heaven” and are anticipating no further movement. Not surprisingly, this figure increases with age - by the age of 65 the figure has doubled to 50 per cent

Sensitive savers: 13 per cent are categorised by a cautious approach, saving and planning for a move over many years. They do not anticipate a move within the next decade.

Practical purchasers: 27 per cent expect a move between two and 10 years, setting themselves realistic goals. Over half the 18-24 year olds fall into this group.

Serial Movers: 13 per cent of homeowners expect to be moving within two years. These are more likely to be male than female and likely to live in the South East.

Dr Papadopoulos, who provides commentary throughout The Woolwich report, said: ‘’Each person’s stairway is defined by their own expectations and background. It is more likely today that each step will represent a step closer to the ideal lifestyle rather than a step up in status.”