Breaking News

Tweet TWEET

U.K. Second House Housing Market Less Affordable, Times Reports

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 mbrown42@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.