Mov­ing up prop­erty lad­der is harder than buy­ing first home

The Daily Telegraph - - News -

“Sec­ond step­pers” try­ing to move up the prop­erty lad­der are find­ing it harder than buy­ing a home in the first place, a sur­vey has found.

The dis­clo­sure comes af­ter ex­perts warned that stamp duty, the tax paid on home pur­chases, is clog­ging up the hous­ing mar­ket.

Home movers, par­tic­u­larly in the South East and Lon­don, are be­ing hit with stamp duty bills worth tens of thou­sands of pounds when they move house, on top of other costs such as es­tate agent and solic­i­tor fees.

A sur­vey con­ducted by Lloyds bank found some 60 per cent of “sec­ond step­pers” look­ing to buy their next home said it would be harder than their first pur­chase.

Other con­cerns in­clude sell­ing their cur­rent home, with just over a third (35 per cent) of po­ten­tial sec­ond step­pers feel­ing it is harder to sell their cur­rent prop­erty now com­pared with 12 months ago, the re­search showed.

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