Families cannot afford a step further ahead on housing ladder

December 22nd, 2011 by James

Families cannot afford a step further ahead on housing ladderTough conditions are being faced by young homebuyers in a generation. They are required to borrow five times their income to take the second step on the property ladder.

Figures from Lloyds TSB revealed that homes are at their least affordable for second-time buyers than at any point in the last twenty five years.

The research found the so-called second steppers are finding it hard to attain their goal of starting families and upgrade to a larger and more expensive home.

Suren Thiru, housing economist at Lloyds, said: ‘The issue of second stepper affordability is a key one in trying get the housing market moving again.

‘The current difficulties in this segment of the market are restricting the supply of starter properties for first-time buyers as well as preventing many of those who need to move from doing so.’

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