Mortgage increases 'are stopping people moving house'
Published On 25 March 2008
The rising costs of mortgages are putting people off moving in the coming year, an industry expert has warned.Andrew Skipwith, co-founder of RatedPeople.com, pointed to a recent study which indicated that 61 per cent of homeowners in the UK who had considered moving in 2008 had now decided to stay put for the foreseeable future.
He explained that the credit crunch had made mortgages more expensive and this had dampened the desire to move.
"Mortgages are becoming more expensive, people have an increasing level of personal debt, and for a while now they have been watching … what they're spending," Mr Skipwith added.
"Also, I think people are generally becoming more worried about the economy.
"I think that the third thing really is that, if you look at what we’re spending day to day on our food and our living and our energy bills, everything seems to be going in the wrong direction right now. We're not feeling particularly confident."
Recent figures from moneysupermarket.com indicated that 84 per cent of people in the country were now concerned about their finances and their ability to make monthly mortgage and utility repayments.
