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"britain Is Becoming A Nation Of Temporary Home-owners"

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2 articles from today's telegraph - sorry if these have already been posted!

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Nation keeps moving in hunt for a better home

By Rosie Murray-West

(Filed: 28/04/2006)

Britain is becoming a nation of temporary home-owners, buying unsatisfactory houses and planning to trade up when they can afford something better.

Research has shown that only a minority of people who buy their first house do not plan to sell it. Less than a quarter of people who have bought their second property are not planning to move again.

"Many people in the UK simply view their first home as a temporary base and have few emotional attachments to it," said Andrew Nicholson, marketing manager for mortgage provider First Active.

The financial group carried out the research, showing that only two in 10 first-time property owners were not planning to move again.

The research also showed that people who sold their first home to move were still not able to buy their ideal property, because they could not afford it. When buying their second property, a quarter of first-time sellers sacrificed moving into an immaculate home by choosing a property in need of improvement.

Seventeen per cent sacrificed owning a garage, even though they wanted one, and a similar number could not afford an en suite bathroom.

Mr Nicholson said the survey highlighted how difficult it could be for people to buy homes, even when they had made their first step on to the property ladder.

It showed that a third of first-time sellers spent an extra £200 a month on mortgage payments for their second home. Many said it was a stressful experience.

The research coincided with a report by Bradford & Bingley showing that rising house prices were forcing first-time buyers to take on extra work.

The First Time Buyer Report showed that 42 per cent of first-time buyers were receiving help from their parents to get on the property ladder, and thousands took a second job to get a property.

One in 10 first-time buyers were working an average of just under 12 hours a week to pay for a new home. Others were working overtime.

The research also showed that first-time buyers were sacrificing nights out, cutting back on mobile phone bills and cancelling gym memberships.

Duncan Pownall, the mortgage development manager for Bradford & Bingley said: "Many first-timers are prepared to compromise, work hard to save for a deposit and look to their families for extra help if need be. As prices continue to rise families are having to help more to get the next generation on the property ladder."

People in the West Midlands were the most likely to take on a second job to save for a home, with 18 per cent of first-time buyers in the region needing extra employment.

'This is a bridging home'

(Filed: 28/04/2006)

Rachel Lambert, 35, and her 30-year-old husband, Mark, are not intending to stay in their three-bedroom home forever.

They bought the house in Brackley, near Oxford, last May for £249,000. They had previously sold another three-bedroom house in the same area to get an extra room and a bigger garden.

"This is a bridging home, in a way," Mrs Lambert said. "It was more what we wanted than the last one."

However, the couple are hoping to move again within four or five years so that their two children have more space as they grow up. The two boys, Jack and Reggie, are currently two years and five months old respectively.

Mrs Lambert works part-time at her husband's family firm, where he is an accountant. She said that it was a "bit of a pain" spending so much money on solicitors, stamp duty and surveys every time the family moved. "It is surprising how it all adds up".

However she said it would have been impossible to get the perfect home for her family in one leap because of the high cost of housing.

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One in 10 first-time buyers were working an average of just under 12 hours a week to pay for a new home. Others were working overtime.

No wonder they couldnt afford a home, the lazy b@stards :lol::)

TB

Edited by teddyboy

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2 articles from today's telegraph - sorry if these have already been posted!

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Nice avatar kitten. Watch out for Shakerbaby though. He'll have it drowned in no time. :ph34r:

Edited by aclwalker

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Nice avatar kitten. Watch out for Shakerbaby though. He'll have it drowned in no time. :ph34r:

thanks - like your kitten too!

I like to think my kitten-avatar is sufficiently scary enough to see off shakerbaby's bottom....

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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