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Mortgage hunters are short-term homeowners
Fri, 28 Apr 2006
An increasing number of Brits are buying homes temporarily to get a foothold on the property ladder, with plans to trade up as soon as possible, suggests a report.

Only a small minority questioned by mortgage provider First Active said that they were planning on staying put after buying their first house .

According to Andrew Nicholson from the mortgage provider, most first-time buyers see their first home as a "temporary base" and have no real emotional ties to the property .

Yet, even when mortgage hunters move into their second house, less than 25 per cent said they weren't planning on moving again.

The survey also found that a quarter of first-time sellers opted to move into a home in need of improvement, in order to move up the property ladder.

Mr Nicholson said that not only is it getting increasing tough for first-time buyers to afford a property, it can also be a struggle to find a second home for first-time sellers.

Many respondents to the mortgage provider's survey said hunting for and moving into a second property was an extremely stressful experience, for unlike first-time buyers they have to organise both the buying and the selling of two separate properties .

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