Millions trapped by property slump

Published by The Scotsman on Mondayday, 30 May 2011, by Craig Brown

HUNDREDS of thousands of young Scottish homeowners – among millions across the UK – have little hope of climbing the property ladder any time soon, a new report states.

The study reveals 53 per cent of homeowners aged 18-34 would like to buy a new home within the next two years but 44 per cent think it is unrealistic that they will be able to do so because of the low value of their property, the difficulty in finding a mortgage and a lack of suitable properties for sale.

As a result of buying during the property bubble, an estimated two million homeowners across the UK are “trapped” and have no chance of trading up.

One Scottish …

Tags: homeowner, property bubble, property market, property slump, scotsmen

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