No fewer than 44 per cent of ‘second time’ buyers have no plans to save for a deposit to buy their next home because they believe the equity in their current property will pay for their deposit.
However the growth in house prices has outpaced the growth in the prices of flats over the last 10 years, potentially leaving buyers short when they look to move up the ladder according to research by uSwitch.
The widest growth disparities between house price appreciation and flat price appreciation is seen in Preston (16.5 per cent), Colchester (10 per cent) and York (nine per cent says the company.
Over the past decade, British house prices for terraced, detached and semi-detached properties have shot up by an average of 21 per cent while flats have increased by only 15 per cent over the same time period - uSwitch claims that ‘second steppers’ currently living in flats therefore may face a significant deposit deficit when they buy their next home.
“Second steppers have been lulled into a false sense of security by rising house prices. In some parts of the country houses have far outstripped flats and so if you are looking to move up the property ladder you need to carefully plot your next steps” says a spokeswoman for the firm, which is owned by Zoopla Property Group.
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How many people did they survey??
Furthermore, have they researched other areas such as London where in some areas such as Brentford, the price of flats have risen by as much as £200,000 in the last couple of years.
In Somerset in general the capital growth has, for decades if not for ever, been bungalows followed by houses followed by flats. OK if flats are grand enough to be called apartments and overlook the sea, a river or a cricket ground then perhaps its different but in general the above is true. So this is not news here.
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