Second home sales dropping across the UK
29th Oct 2012
The number of second homes being sold across the UK property market is dropping in two-thirds of areas, a new study has found.
It has been reported in recent months that people struggle across the UK to move to a second property because of the fact that that high deposits for first timers is reducing the number of people coming into the market at the bottom end, meaning that movers cannot find a buyer.
And now Lloyds TSB has said that this means there are now some 65 per cent of 577 of the biggest towns in the UK where the sales of houses for second-time buyers has dropped in the first six months of 2012.
The bank said that this was an increase of 2.2 per cent when compared to last year, and added that it was the highest total seen at any point in the last three years.
Whereas London has traditionally been the area of the property market where there has been the most health, it was reported that 79 per cent of areas in the capital saw a fall in second time buyer sales, the largest in the country.
Suren Thiru, housing economist at Lloyds TSB, said: "With many second steppers struggling to fill the financial void left by the erosion of their equity position amid lower house prices and the sizable cost of trading up, it is unsurprising that sales of typical second stepper homes have declined significantly over the past year."
Posted by Staff Writer: Ewan Robertson
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