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Current Economic Situation Revealed To Be Dampening Homeowner Ambitions
A new piece of research by Gocompare reveals that about 50 per cent of homeowners stated that the declining housing market and impact of the credit crunch is causing them to put a hold on their property plans. According to the price comparison website, the monetary strains that they are experiencing have resulted in some 16.6 per cent of Britons abandoning their plans to move house over the next 12 months. Meanwhile just less than a quarter (24.9 per cent) claim to feel trapped within their houses due to their financial circumstances. These concerns are unusually prevalent for those in Cardiff, where more than a third (34.3 per cent) feel that their money situation means they are stuck with their current property. However, 80 per cent of Britons claim that they are to stay within their property for an average of three years. For those looking for an efficient means of increment their finances, whether it is to help finance moving house or otherwise, applying for a loan might be recommended. Additionally, the research showed that nearly 15 per cent of those that took part in the study have decided not to go ahead with their goal of improving their home. Such concerns seem to be especially felt by those who live in Norwich and Nottingham as 24.4 and 21.1 per cent of people from the respective cities stated they have shelved a home improvement project. On the other hand, just 7.1 per cent of people living in Belfast admitted that they will no longer bother with plans to extend their house because of the difficulties being felt in the financial sector. For people trying to pay for renovations to their property a home improvement loan could be recommended. Hayley Parsons, chief executive of Gocompare, claimed that with the credit crunch continuing to be a burden on people it is crucial for them to introduce measures to reduce pressures on their expenditure wherever possible. She said: "This research shows just how hard the economic downturn is biting. A huge number of UK homeowners are concerned about their financial situation and so feel trapped in their homes. It's never been more important to save money wherever you can and shopping around for your home and car insurance could save you hundreds of pounds a year in a matter of minutes." Britons looking to finance a renovation project could find that taking out a cheap loan is of help as it may help them to buy the materials required and hire quality tradesmen to do such work on their house. . |
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This intel was contributed by spike
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May, 2012
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