Homeowners stay put as consumer confidence ebbs

The latest Personal Credit Index published by credit rating specialist, Experian, shows a marked weakening of confidence among UK consumers.

The Index has fallen for the second consecutive quarter, on fears of an economic downturn, with the result that 91% of homeowners taking part in the research were not intending to move.

In addition, 48% of the non-homeowners questioned said they never intend to buy a property.

However, young homeowners (aged 25-34) who are not planning to move were keen to make improvements. Thirty-one per cent of this group of respondents had considered extending their properties in some way, or fitting a new kitchen or bathroom.

Of the non-homeowners with no intention of making a purchase, 46% said they did not think they would ever be able to afford to buy.

The percentage rises to 56% for the 25-34 age group, and 60% for 35-44 year-olds.

More respondents were resigned to renting in the South of England, with 55% believing they could never buy a property, compared to 39% in the North.

Existing owner occupiers remained optimistic, with 40% of those questioned believing that their homes had risen in value in the last six months. This figure rises to almost 49% for the South of England.

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