If you’re sitting on a property and want to find a sell house specialist, you may be interested to learn that it is now harder to move up the housing ladder than to get on it.
That is according to a report from Bank of Scotland, which says home affordability for people still living in their first home but looking to take their next step up the property ladder is at its least favourable level for over 25 years.
The bank’s ‘second stepper’ housing affordability measure – calculated as the average price of a typical second stepper home less their current equity position as a ratio of average earnings – stood at 4.3 times gross annual average earnings in October 2011 – the highest ratio since records began in 1987.
This ratio has risen significantly over the past decade, from 2.9 in 2001, and is well above the long-run average of 3.2.
Nitesh Patel, housing economist at Bank of Scotland, remarked: “The deterioration in home affordability in Scotland over the past few years has been significant among those looking to take their second step on the property ladder.
He added: “This reflects the impact of the decline in house prices since 2007 on the amount of equity those who bought for the first time at the peak of the market have in their homes. As a result, many are faced with a tough challenge to make their next move on the property ladder.”
December 19, 2011 at 11:31 am | Uncategorized |
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