Bottleneck holding back market

HOMEOWNERS who cannot move up the property ladder into their second home are causing a “bottleneck” in the housing market, the Bank of Scotland has warned.

Research finds that two-thirds of those looking to buy their second home in the past year have been unable to do so. These so-called “second steppers” are often prevented moving because of a lack of first-time buyers hoping to move upwards.Around three-quarters believe the government should help people trying to sell their first home.

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Carol Anderson, head of mortgages at the Bank of Scotland, said: “First-time sellers in Scotland are now faced with challenges when trying to make their next move on the property ladder.”