“Recession virgins” lose sleep over property prices

Financial website, Fool.co.uk, is continuing to track the psychological condition of so called “recession virgins”, as the credit crisis continues.

According to Fool’s latest piece of research, around 23% of 24 to 34-year-olds are losing sleep over the prospects for the housing market.

In the past three months, nearly 17% of respondents to the survey said they had been making regular enquiries about the value of their home.

Meanwhile, 13% had cancelled plans to move and 56% were putting off the desire for a new property until the credit crunch has blown itself out.

However, the 13% of “recession virgins” who are risk-takers thought they might choose to enter the housing market because prices are falling.

Latest news on the UK property market promise a full initiation for the “virgins”.

The Halifax house price index dropped 2.5% in March and the Royal Institution of Chartered Surveyors reckons housing market confidence is at a thirty year low.

Meanwhile, the Council of Mortgage Lenders is predicting that the value of home loans could be cut by 50% this year, if the Bank of England fails to pitch in with more cash.

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