Friday, January 28, 2011
Won’t somebody think of the children?
PLIGHT OF â€˜SECOND STEPPERSâ€™ STUCK ON HOMES LADDER Read more: http://www.express.co.uk/posts/view/225676/Property-Plight-of-second-steppers-stuck-on-homes-ladderProperty-Plight-of-second-steppers-stuck-on-homes-ladder
HOME owners are struggling to climb the property ladder, leading to a bottleneck which keeps out first-time buyers, one of Britainâ€™s biggest mortgage lenders warned yesterday. A combination of falling house prices, a drought of mortgage funds and a shortage of first-time buyers means it is difficult for â€œsecond steppersâ€ to trade up. Many with growing families are trapped in small first-time buyer homes because they are unable to raise the average of almost Â£50,000 they need to move on, said Lloyds TSB. And the knock-on effect means first-time buyers at the bottom of the chain cannot find properties for sale.