Getting that first footing on the first rung of the property ladder is becomer increasingly more difficult as house prices accelerate.
Buying a first home is not as easy as it was years ago. There are now many hurdles, so suggest figures from Abbey .
The average difference between mortgages on a first and second home is £135 a month so the Council of Mortgage Lenders figures highlight.
49% of second-time buyers cannot afford the increase in mortgage payment, with a further 7% unable to afford the moving costs (legal fees, removal vans, stamp duty and surveyors ).
Due to the expense and hassle of moving, 42% of homeowners are looking to extend instead.
However, this could prove problematic for the property market .
If existing homeowners stay put, this could mean a bottleneck for the property market, namely for first time buyers .
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First Rung on Property Ladder
Fri, 26 May 2006
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