Housing affordability for the typical second stepper has improved in the past year, an economist at Lloyds TSB said today, despite a new report which found that the average age of a home-mover trading up to a new property had risen to 40.
Nitesh Patel added:
[There] are many potential second steppers who are still in their first home which they bought in the run-up to, and at, the peak in house prices in 2007.
Many of these homeowners may still be unable to move due to having either very low, or negative, equity in their homes.
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