First-time buyers 'missing out'

First-time buyers in the UK may be missing out on acquiring a property due the rising number of second home owners.

Research conducted by YouGov on behalf of Direct Line Home Insurance has shown that second homes are predicted to rise to 24 per cent by 2015 meaning the market will swell to around £53 billion over the next decade.

The National Housing Federation (NHF) has said that the trend is having a significant effect on house prices in general, meaning that people on low to moderate incomes are struggling to secure a property.

A spokesperson for the NHF said: "One of the great pressures on the market is the fact that there is such a shortage of supply and incredibly high demand, so it's inevitable that the large number of second home owners has had an impact."

The National Housing Federation represents 1,300 independent, not-for-profit housing associations in England

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