28 Jun

Second-time buyers still struggling with stagnant prices present

Second-time buyers still struggling with stagnant prices present

Second timers in the UK are struggling to move up the ladder with estate agents because of the fact they are facing stagnant house prices.

Those who purchased before 2008, when the housing market suffered greatly, are now facing up to having the price of their house being much lower when they try to sell it, which sees many unable to afford a move.

Research from the Post Office states that there are some 30 per cent of second-time buyers who simply cannot afford to move. 

It estimates the cost, with stamp duty, solicitors' fees and other charges, amounts to more than £7,000, and that is before shortfalls and negative equity are taken into account.

John Willcock, head of mortgages at Post Office, said: "We are often reminded of first time buyers' struggle to get onto the property ladder. However, it's clear that second time buyers are finding it difficult too."ADNFCR-1222-ID-801605751-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.