Second time buyers face £62,000 gap

Chris Wheal

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couple at estate agents
couple at estate agents

The 360,000 first-time buyers who bought in 2007 face a gap of £62,281 when trying to move to the second rung on the housing ladder.

The gap in cash for a deposit to secure their next step is £6,464 on average, while the additional amount they need to borrow is £55,817, according to online bank First Direct.