Recession takes its toll on homeowners

by Richard Kilner

Story link: Recession takes its toll on homeowners

More than half of the public are not looking to buy a new home, according to the Home Sweet Home survey by Legal & General.

The survey found that 54% were not presently looking to buy a new home in the future, with almost a quarter of these (23%) citing economic pressures as the reason.

The primary economic pressure mentioned was lack of cash, but a significant proportion (19%) stated that fear of unemployment was stopping them from looking for a new home.

Although some 46% are considering buying a new home in the future, only 9% are after something in the next three to six months, with 57% wanting a new home within the next five years.

Two-thirds of those surveyed still had the goal of buying their dream home, though more than four in five stated their present address was not it.

Legal & General’s head of Communications, Ruth Wilkins, has said it is unsurprising that the present economic circumstances are having an impact on house buying behaviour.

Wilkins went on to say that home improvements were also less likely to occur, according to the Home Sweet Home survey, but warned homeowners not to avoid essential maintenance which could incur far higher costs down the line if not addressed in the near future.