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Tuesday 02nd of December 2008
February 28, 2008

Homeowners stay put as consumer confidence ebbs


by Gill Montia
”Homeowners

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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