Upgrading families complain: “I can’t sell my home”
Families wanting to move into larger properties find themselves stuck in first-time buyer flats because they cannot sell their homes or get a mortgage.
According to Lloyds TSB, ”second steppers”, those who have a first home to sell and who want to move up the ladder, are increasingly finding themselves stuck in unsuitable accommodation. Many bought properties at the peak of the market in 2007, and may have negative equity to cope with as well as a lack of buyers.
“One in five” now believes that it is harder to move up the housing ladder than to get on it in the first place, The Telegraph reports. “First-time sellers are now faced with some very tough challenges when trying to make their next move on the property ladder and many are finding it more difficult than getting on the ladder in the first place,” said Stephen Noakes, mortgage director of Lloyds TSB. “It is vital that this group of home movers receive more support and attention as they play an intrinsic role in getting the housing market moving again.”
A recent study by HSBC also found that as many as 360,000 home owners are unable to move up the property ladder thanks to a combination of sliding house prices and more restrictive lending rules. Does this apply to you? With a lack of buyers, the open market is failing to provide time or cost effective sales. Here at The Quicker Sale, we offer a hassle free, cash-in-hand service for properties across the UK which could see completion in as little as seven days.
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