Friday, September 14, 2012

Good thing you didn’t buy that FTB house a few years ago!

Second-time buyers face worst "bottleneck" conditions for 25 years

Homeowners planning to take their second step on the property ladder are facing the worst market conditions for a quarter of a century, according to the latest figures from Lloyds TSB. Their research shows that: * Home affordability for second steppers is worse than for first-time buyers * Second steppers’ equity position accounts for just 5 per cent of the price of a typical second stepper home compared with 44% in 2005

Posted by drewster @ 12:30 AM (1573 views)
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4 thoughts on “Good thing you didn’t buy that FTB house a few years ago!

  • I’d almost forgotten you were meant to buy a larger home after the first one..

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  • I live on the Wirral and most of you londoners will agree that £160-£180k for a 3 bed semi is good value. The area is good, has two local grammar schools, a beach, world class golf courses, plus lots of bars and restaurants. FTB’s when buying as a couple can afford to buy the semi’s in the adjacent streets to ours you only need say £16k deposit and joint income of £50k for what is largely a middle class area. This affordability has meant prices in the streets by mine have hardly moved in the last 4 years. However, to buy a bigger house here it will cost you £300k. Its insane. We probably have £30-40k equity now after 7 years so could possible stretch (to get a 90% mortgage again!) but why would we double our mortgage/repayments to gain one extra bedroom. Funnily enough the second step house asking prices are currently dropping by ~10% a year (per prop bee)as reality bites.

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  • There was someone on this site recently talking about the endless wait for house prices to fall, but of course they’re falling in the north of the country, even if still too high, but at least not the fantasy money of the south. Here in the south it is as though houses are behaving like gilts – a haven for the larger number of wealthy people in this area.

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  • House prices still have a long way to fall. If I find time and an appropriate place, I will recount my recent experience of over-inflated rentals. It’s quite funny and the estate agency concerned should really be put into administration.

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