17 Aug

Second-home movers 'purchasing more properties'

Second-home movers 'purchasing more properties'

People moving into their second properties have shown more activity in the housing market than first-time buyers who are continuing to struggle to afford homes, according to an expert.

Ray Boulger, senior technical manager at mortgage adviser John Charcol, has said the need to put down big deposits is creating problems for first-time buyers trying to get on the property ladder.

However, he added that people who already have properties will be able to use some of the value of their homes to raise the deposit needed to purchase a new house for sale in the UK.

"Big deposits that are needed which will tend to be more difficult for a first-time buyer to get than a mover who obviously in many cases will have enough equity in their property to provide a deposit," Mr Boulger said.

Yesterday (August 16th 2010), Knight Frank reported that the number of second homes in Britain rose by 2.6 per cent in 2009 to 245,384.

It also predicted that there could be a further two per cent increase by the end of 2010 to reach levels of more than 250,000.ADNFCR-1222-ID-800028593-ADNFCR

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