2 Jun

Homeowners 'feel unable to move'

Homeowners 'feel unable to move'

Around one in four homeowners currently feels unable to move to a new property, according to the findings of a new survey.

Research by Gocompare.com suggests that as many as 3.6 million Britons feel the effects of the credit crunch are preventing them from moving.

Specifically, those under 25 reported the most pessimism about changing home, with 44 per cent saying they are trapped in their current home and 32 per cent reporting they had abandoned previous plans to move.

The study also revealed that around 15 per cent of homeowners have changed their mind about plans for an extension to their current property due to financial issues.

"This research shows just how hard the economic downturn is biting," commented chief executive of Gocompare.com Hayley Parsons.

In related news, figures from the Bank of England today indicate that mortgage approvals for new house purchase fell during April.

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