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UK: Property market: Five year hitch for homebuyers

Posted on 12 November 2012

Niki Chesworth weighs up the property market and reveals who fares best: long-term home owners or first-time buyers. How wealthy you are depends on when you bought your home. First-time buyers who took their first step on the property ladder in 2007, five years ago, are by far the most likely to be suffering from negative equity with more than one in four (26 per cent) owing more than their property is worth.
However, overall the number of borrowers in negative equity has declined by more than 13 per cent since the first quarter of last year – a drop of 100,000 to 719,000 according to latest figures from the Council of Mortgage Lenders (CML)………………………………………..Full Article: Source


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