27 Feb

Second-time buyers struggling to move on

Second-time buyers struggling to move on

People looking to buy their second piece of property for sale should be given help from the government to do so.

This is the opinion of many people who are trying, and struggling to move out of their first home.

The latest Bank of Scotland survey has found that some 65 per cent of second-time buyers who were trying to upgrade their property in 2011 were unable to do so because of barriers such as the cost of moving and the struggle to find a mortgage.

Furthermore, 76 per cent believe that the government should be helping them to move up the property ladder this year.

The fact people cannot move on makes it more difficult also for first-time buyers to move onto the ladder due to a lack of housing stock, meaning that there is a window for the government to help both groups, especially with the end of the stamp duty holiday coming soon.

Carol Anderson, head of mortgages at Bank of Scotland, said: "If Second Steppers get stuck on the first rung, movement at the bottom half of the ladder comes to a standstill, and this bottleneck will not only restrict the supply of starter properties."ADNFCR-1222-ID-801303796-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.