Saturday, March 9, 2013

‘Second Steppers’ find life grim on the bottom rung after 4 years or so

'Second-steppers' struggle to climb the property ladder thanks to a lack of first time buyers and high deposit demands

Statistically rich article that basically points out that 61% of 'second steppers' can't make it and are stuck in their FTB properties with around 40% having lost all the value of their original deposit on their existing home. Biggest reason for moving 53% was unsurprisingly that their current home was too small for various reasons.

Posted by enuii @ 10:58 AM (3539 views)
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16 thoughts on “‘Second Steppers’ find life grim on the bottom rung after 4 years or so

  • Are these the same people who read the Daily Mail and believed its periodic headlines about house prices ‘booming’?

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  • mark wadsworth says:

    It’s a pyramid scheme, Jim, but not as we know it… oh hang on, it’s exactly like all the other pyramid schemes.

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  • With suitable typo:

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  • happy mondays says:

    You have got to love Frankie –
    The housing market only works with high wage inflation but this requires high interest rates as has been the case in the past. With below inflation wage rises it is going nowhere but downStephen ###### Agreed. The BoE cant raise the base rate either because it would collapse the already insolvent fractional reserve banking system and the government wouldnt be able to service its debts.The MSM have been perpetuating the myth for months that banks dont need savers deposits anymore as they can use the funding for lending scheme so that the public would accept below inflation rates on their savings without much of a fuss. The banks know they cant hold off the collapse forever and are desperately trying to rebuild their balance sheets up to a level that will survive the coming crash, this is why they are asking for large deposits and only lending to AAA borrowers. Banks are also offering customers with large ISAs better rates than the one advertised on the quiet as they NEED that money
    – frankie mcgill , manchester, 09/3/2013 18:48

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  • Question to all concerned.

    Does it matter anymore?

    What’s the point of fighting over caves? Why not evolve instead, and leave the Neanderthals behind you?

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  • happy mondays says:

    Yes dill for sure, one day this will look as stupid as guys going over the top in WW1 straight into machine gun fire (with respect) It’s a crazy world we live in 🙂

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  • Are these the same people who read the Daily Mail and believed its periodic headlines about house prices ‘booming’?

    The mail? – don’t you mean the Express? The Mail has been relatively balanced.

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  • Nice one happy monday’s – great insight from Frankie, whoever he may be!

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  • Incidentally, high deposit “demands” would be a non-issue if interest rates went up, taxes on interest were abolished and folk finally had incentive to save!! Both these actions increase the time preference of money, ending the short-term’ism brought on by the politicians who criticize it.

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  • The biggest reason for the FtB people wanting to trade up may well be size…but…the main reason people are buying up property in 2013 is “to make a profit”. My evidence is the endless property porn progrmmes shown each day where people “do up” old properties bought at auction and sell them on at a profit. Is it becoming a national sport?

    Even interesting listed property programmes (for example an old mill), get littered with comments on costs and current value.

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  • richy richless says:

    this was in the Observer yesterday also but it nothing more than a collection of stories about people who took 100+% mortgages at the peak of bubble..move along, nothing new to see here

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  • @4 Happy Mondays – pl let me know where to get a good ISA deal if you have a large pot – getting desperate! Resisting Merv’s pleas for me to put it all on black.

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  • happy mondays says:

    @ mombers – Would love too, but at the moment i feel like the guy’s in the film The deer hunter, Playing Russian roulette, knowing full well the odds are stacked against me! Am dis heartened as feel i am being pushed into buying possibly, again knowing full well it’s over priced & chances could / should come down sooner or later.. I just keep spinning the cylinder & hopefully dodge the bullets.

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  • “…this will look as stupid as guys going over the top in WW1 straight into machine gun fire…”

    That is a very apt analogy. (More than you might think)

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  • happy mondays says:

    I’m hearing you dill 🙁

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  • happy mondays says:

    I’m hearing you dill 🙁

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