Young Property Owners Trapped In First Homes

 

A recent report by the mortgage lender Santander demonstrated that over two million young property owners are trapped in their first homes with very few prospects of upgrading to a bigger property.

Half of those between the ages of eighteen and thirty-four who have the desire to make a move over the next couple of years do not believe it is feasible that such a move will happen.

It is shown that 21% of property owners in this age range accepted they would be living there for five year or longer, with 32% already having done so, in spite of a desire to move. Overall, 71% of the homeowners in this age range were living in the first house they purchased. This lack of mobility between housing is felt to have been supported by the inability to properly access mortgage finance. 

The director of Santander Mortgages, Phil Cliff, said that their "findings show that there are a lot of ‘frustrated middle movers' who made compromises on their first homes and have now been stuck with these for longer than they wanted, as they are finding it difficult to move up the property ladder."

The survey saw over 2,000 adults questioned, with Santander newly launching a five year loan-to-value mortgage set at 85%, with a rate of 5.69%.


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