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Property ladder
What is the Property Ladder?
The property ladder is the term used to describle starting off by buying a small house and then upgrading over the years to a bigger house. Each metaphorical rung on the ladder is each peoperty that is bought. The term property ladder also assumes that each time the houses get bigger or more expensive.
How does the Property Ladder work?
You buy a property from someone else, then they move up the ladder by buying a bigger property. Very simplistic, but you get the idea!
Does the Property Ladder exist today?
Yes, it does exist but it is becoming harder and harder for people to move up the ladder. There are very few first time buyers left in the market and they are always the first rung on the property ladder. Also, as house prices have increased, the distance between each of the rungs on the ladder have got wider which means that people wishing to move to bigger homes have not been able to afford to move.