Woes of ‘sec­ond-time buy­ers’ re­vealed

Yorkshire Post - - NEWS -

NEARLY TWO-THIRDS of peo­ple try­ing to take their sec­ond step on the prop­erty lad­der be­lieve it is harder than be­ing a first-time buyer, a sur­vey has re­vealed.

Some 60 per cent of “sec­ond step­pers” – peo­ple who were pre­vi­ously first-time buy­ers who are now look­ing to buy their next home – say it is harder to move up the prop­erty lad­der than it was to get on in the first place, Lloyds Bank found.

Just over a third (35 per cent) of po­ten­tial sec­ond step­pers feel it is harder to sell their cur­rent prop­erty now com­pared with 12 months ago, the re­search showed.

Such is their strug­gle that more than a quar­ter are con­sid­er­ing stay­ing put to un­der­take home im­prove­ments in case they can­not sell their prop­erty within their de­sired timescale. More than 500 pre­vi­ous first-time buy­ers now look­ing to pur­chase their sec­ond home were polled.

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