A report from HSBC has warned that thousands of young buyers are trapped in their first homes and are unable to move because the value of the home has reduced dramatically.
The banking giant has revealed that 360,000 first-time buyers have no chance of moving up the property ladder due to the fact that they purchased their first house at the peak of house prices four years ago and now around £11,000 has been wiped off its worth.
The findings show that young people are facing a ‘near impossible’ task to move on and that the worst-hit have even plunged into negative equity, meaning that their mortgage is actually bigger than the value of the property.
Now experts are reportedly worried that the younger generation is delaying significant milestones like having children and getting married because many of them cannot squeeze kids into a house or flat that is small and has no garden.
The report further states that a typical property in 2007 was bought for £162,423 but today is only worth £151,061. This situation differs in England’s capital however; as this is the only region where the average first person’s house value has not dropped since four years ago.
The cost of moving can be fairly costly but homeowners can still afford quality removals that is also affordable, with Robinsons removals UK services.
If you can sell your home, don’t let the rate of removals get in the way. Robinsons International can help you move into a bigger property, at a cost-effective price. So get in touch today to find out how we can help you move into your dream home on a budget.
