Recent months have seen a resurgence in first-time buyers, desperate to buy before house prices are pushed even further out of reach. But this has not been matched by a rise in the number of homes put up for sale. We suspect that past falls in house prices have meant second-steppers have not yet built up enough equity to pay for the desired deposit on their next home, and so have delayed planned moves. But with house prices now rising, that constraint will ease and liquidity in the housing market should improve, reducing the chance of a country-wide house price boom.
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