Downturn halts 2.5 million homemovers
Research from financial advice website, Unbiased.co.uk, indicates that around 2.5 million UK homeowners are reluctantly keeping out of the property market because of the credit crisis and economic downturn.
Twenty five per cent of those questioned said they were staying put because house price falls mean they can’t achieve the asking price they want or need in order to move, and for the over 55s, the proportion increases to 37%.
Meanwhile, 22% of respondents were stuck in their current homes for longer than intended because they can’t afford new mortgage repayments that would result from a house move.
Thirty-five to 54 year olds were worst affected by this issue, with 25% of the age group priced out of a new mortgage.
Fourteen per cent of homeowners said they could not raise the deposit needed for their next home, and for 18 to 24-year-olds, the proportion rises to 23%.
Unbiased chief executive, Karen Barrett, advises would-be home movers to get the best advice possible when it comes to financing a house purchase, adding that only a whole of market mortgage adviser has access to the full range of deals on the market.
In other UK property news, the Royal Institution of Chartered Surveyors is predicting that UK house prices will continue to rise in the near term.
In its October survey of the market, the body found that the balance of surveyors reporting rises rather than falls in house prices stood at a positive 34%, up from 20% a month earlier.
The ratio is at its strongest since December 2006 and demand from would-be purchasers should continue to underpin the market, as it outstrips the supply of properties for sale.
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