Property ladders no longer vertical

www.moneynews.co.uk > Housing market > Property ladders no longer vertical

Property ladders no longer vertical

Thu 28th Feb 2008

New research from the Council of Mortgage Lenders (CML) has found many people are no longer simply buying a house as soon as they can afford to and continuously working their way up the property ladder, as often used to be the case.

It has discovered that many people are now "dipping in and out of home-ownership", with as many as one in five first-time buyers actually "returners" - people who have owned a property in the past but are not currently home-owners.

Meanwhile a significant minority of people - 10 per cent, own a home that they are not currently living in.

The number of people owning second homes in England has risen by 30 per cent over the last decade.

Younger people are also increasingly acting as "tenant-cum-landlords", where they cannot afford to buy a property where they work but will purchase one in a cheaper area and let it out, in order to get a foot on the property ladder.

Paul Samter, an economist at the CML suggested that "given the considerable complexities of modern life and the increasing interactions across the tenures, perhaps it is time for the government to develop a more holistic approach to housing market issues".

Result from a survey released today by Abbey Mortgages revealed that parents in the UK have given more than £27 billion to help their children get on the property ladder.

Related News : Housing market
	Nationwide housing market report 'shows little progress'
	Nationwide housing market report suggests people value rail proximity
	Halifax housing market study 'shows slowdown in price growth'
	Positive news for 'nearly all' UK regions, according to Nationwide housing market document
	Nationwide housing market research 'shows stable picture'
	Firstrung: Abolition of Hips 'has had no impact on housing market'
	CIH: Parents question children's ability to take out a mortgage
	Rightmove: UK house price growth slowing down
	Halifax highlights popularity of coastal properties
	Santander claims HIPs were 'headache' in the housing market