Second home ownership 'blocking the way for first-time buyers'

First-time buyers "definitely" find it harder to get on the housing ladder due to increasing rates of second home ownership in the UK, a spokesman for the National Housing Federation (NHF) has said.

The spokesman stated: "One of the great pressures on the market is the fact that there is such a shortage of supply and incredibly high demand," which made it "inevitable" that second home-buying would make life harder for those without a first home.

Such a situation may prompt some would-be first-time buyers to look at the alternative strategy of self build.

The number of second homes owned in the UK is set to continue, according to a recent poll conducted by YouGov for insurers Direct Line.

It showed that the number of such properties is set to rise by 24 per cent from 328,000 now to 405,000 by 2015.

During this time the value of the market will rise from £38.7 billion to £53 billion.


© Adfero Ltd