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Homeowners to stay put for 2008
20 March 2008
Fears of deteriorating UK economic conditions are causing many homeowners to delay plans to move house in 2008, according to research by ratedpeople.com.
Rising mortgage payments, heating and energy bills, and inflationary pressures on food are to blame for the shelving of plans for many the four and a half million people planning to move.
Andrew Skipwith, co-founder of ratedpeople.com, said that people are opting to stay and make improvements to existing property rather than attempt to buy and sell in light of the glum predictions for UK housing.
"Of the four and a half million who were thinking of moving in 2008, 61 per cent - that's over half of them - have decided to stay put just for the time being, given the instability in the economy and the housing market," he said.
Mr Skipworth added that recent high profile mortgage business failures have probably accounted for the fall in confidence.
"It all started with Northern Rock getting into difficulties, but more and more we're hearing news from across the Atlantic - [such as] the latest bail-out of Bear Stern and slashed interest rates in the US. People are beginning to wonder: 'What does this mean for me? What does that mean for my job? How secure am I?'", he concluded. 
