UK Money News
1st February 2008
Second home ownership 'adds to first time buyers' plight'
Second home ownership is negatively affecting the UK property market, with first time buyers bearing the brunt of the damage, it has been claimed.
Recently a number of property experts have said the slight downturn in prices will provide opportunities for first time buyers, who had hitherto been priced out of the market.
However, the downward pressure on prices has not outweighed the effect of second home ownership, which is still squeezing supply and keeping prices high, the National Housing Federation said.
A spokesman for the NHF said: "The number of second home owners in the UK is definitely having an impact on house prices generally.
"Although we are beginning to see a slight dip in the market, the fact is house prices have risen to such a level that even with a significant drop it’s going to be very hard for people on low or even moderate incomes to afford a place of their own."
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