U.K. home owners seeking to buy a house for a second time are less able to do so than at any time in the past 24 years, The Times reported, citing a report from Lloyds Bank Group Plc.
The affordability ratio for second-step buyers is 5.2, up from 3.0 10 years ago, the London-based newspaper cited the Lloyds TSB Homeowners’ Review as saying. The ratio for first- time buyers is 4.1, it said.
Affordability for second-steppers is calculated by taking the average price of a semi-detached house, minus the equity in a first home as a ratio of average earnings, the newspaper said.
To contact the reporter on this story: Matthew Brown in London at email@example.com
To contact the editor responsible for this story: Anthony Aarons at firstname.lastname@example.org