17
Aug
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.