Homemovers consider stepping off ladder

Published 29th Mar 2008

Almost a fifth of homemovers are considering stepping off the property ladder amid fears over the faltering housing market, a poll shows.

Around 18 percent of homeowners planning to move said they were thinking of going into rented accommodation in the hope that they would sell their home near the top of the market and buy another once prices have fallen, according to change of address Web site iammoving.com.

Some 14 percent of 1,100 homemovers polled also said money worries could force them to drop out of the property market.

Other reasons for a move into rental included relationship breakdowns and a desire to emigrate.

Simon Preston, chairman of iammoving.com, said the findings show an Englishman's home is no longer his castle.

"You expect people to consider renting when the market is falling because there is a chance to make money, but 18 percent is a high figure," he said.

"Much of this is down to the problems in the housing market and the fact that people are struggling financially."

House prices have tripled over the last 10 years, but the market has slowed during the past year.

Prices have already begun falling month-to-month, although Britain has yet to experience a year-on-year fall like the slump that has hit the United States.

At the same time, consumers are feeling the pinch from the global credit crunch, which has sent mortgage and loan rates higher, rises in the cost of living and a record personal debt mountain of 1.3 trillion pounds.

Jennifer Hill

Source: ' Reuters '

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