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Homeowners are 'staying put'

Homeowners are 'staying put'

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Fears over the economy and housing market are putting people off moving house in the current financial climate, new research has claimed.

Business directory and review website RatedPeople.com has alleged that more people are now turning to home improvements such as loft and garage conversions in a bid to stay put.

Co-founder of RatedPeople.com Andrew Skipworth commented: "It all started with Northern Rock getting into difficulties, but more and more we're hearing news from across the Atlantic … the latest bail-out of Bear Stern and slashed interest rates.

"People are beginning to wonder: What does this mean for me? What does that mean for my job? How secure am I?"

The survey showed that 2.7 million UK residents who were considering moving properties in 2008 have abandoned these plans, with high house prices, mortgage rate increases and rising food and energy bills cited as the main reasons potential buyer are put off.

This news follows recent advice from Charcol for first-time mortgage buyers to ensure they have at least a ten per cent deposit before considering a mortgage on a property.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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