"Second steppers" may be impacted upon by FTB struggles
Chelsea could be an ideal location for first-time buyers (FTBs) to purchase their first property because of its favoured postcode.
Indeed, property to rent in Chelsea could prove attractive for individuals who want to be close to all of London's amenities.
But according to Lloyds TSB, FTBs are still struggling to get on to the housing ladder.
And this is impacting upon "second steppers", who in turn want to sell their first homes to individuals looking to move out of property to rent in Chelsea.
During 2010 house transactions below £120,000 dropped by 14 per cent, with a 13 per cent decline noted for sales between £120,000 and £200,000, the bank stated.
"The challenges facing FTBs receive a lot of deserved attention, but to achieve a sustainable housing market, we have to look at every rung of the ladder," explained managing director of mortgages at Lloyds Banking Group Colin Walsh.
In London, the average house price increased by 8.7 per cent over the year to November 2010, the biggest rise in England, according to the recent Communities and Local Government House Price Index.
Posted by Chris Price
Published 28th January, 2011
© 2011 Estates IT Limited
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The ability of individuals to sell their first home could be impacted upon by FTB mortgage struggles, it has been suggested.