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
They made it across a deadly sea this year, but their journey to what they hope will be political asylum had only just begun.
Scientists used modern forensic techniques to review the 'cold case' and determine the victim was probably killed by two blows to the head.
US computer science expert says "endpoint" of lethal drone technology is killer robots that choose targets via artificial intelligence.