Trapped in their homes: Families cannot afford to take second step on housing ladder | Mail Online
Young home-buyers are facing the toughest conditions in a generation and need to borrow five times their income to take the second step on the property ladder.
Homes are at their least affordable for second-time buyers than at any point in the last 25 years, figures from Lloyds TSB reveal today.
The report says plummeting house prices mean many homeowners who bought their first homes at the peak of the housing boom in 2007 now face £10,000 of negative equity – when they owe more on a mortgage than their house is worth.
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