Prices paid by second home-movers have fallen by 10% to an average of £212,586 since 2008 but have grown 3% in the past year to increase the squeeze on growing families looking for more space, new figures show.
According to the figures from Lloyds TSB:
- In June 2013 the difference between "equity position" and "second stepper" home was 4.4 times the level of average annual earnings - an improvement on 4.9 a year earlier
- London was the least affordable with a ratio of 5.7 with the East Midlands and West Midlands, both at 3.1, on the opposite end of the scale
- On average, second steppers had equity of £21,200 or 13% the value of an average second-step home, much better than the 1% of last year
- It compares badly with 2005 when the typical second stepper was able to fund nearly half (44%) of their property with equity built up in the first
- The average equity was also far short of the average home-mover deposit of £70,540 - a figure that rose to £126,528 in London
More top news
Edward Majerczyk accessed private information including nude photos from 30 celebrity accounts.
The President of the United States is set to restrict immigrants from Syria and six other Middle Eastern or African countries, aides say.
MPs say there is a "severe conflict of interest" in F1's sale to Liberty Media after it emerged the governing body benefited from the deal.