Homeowners feel 'trapped' by financial situation
Date: 04/06/2008 12:00:00
Research has shown nearly a quarter of British homeowners feel trapped in their current property
because of their financial situation.
The figures show people could be budgeting for an economic downturn, with some ditching plans to move
or improve their homes.
Younger people seem to be among those hardest hit by the problem, prompting company bosses to advise
people on how they can reduce regular costs.
Nearly half (44 per cent) of under-25s questioned in the study, commissioned by Gocompare.com, said
economic factors made them feel trapped in their current home.
Gocompare.com chief executive Hayley Parsons said: "It's never been more important to save money
wherever you can and shopping around for your
home insurance and
car insurance
could save you hundreds of pounds a year in a matter of minutes."
Younger people also seem less likely to be heading up the property ladder, with 32 per cent of homeowners
under 25 saying they'd given up on plans to move in the next 12 months.
Regional trends show over a third of respondents from Nottingham feel trapped in their homes whereas only
14 per cent of those from Belfast feel as unhappy.
Last month a Reuters poll revealed UK inflation rates are expected to stay high while economic growth slows.