Financial strain ‘leaving homeowners feeling trapped’

The financial strain brought on by the credit crunch has left millions of British homeowners feeling trapped, new research has suggested.

According to figures from Gocompare.com, there are close to 3.6 million people in the UK who feel that their debt management issues have left them unable to move to a different property.

Homeowners aged under 25 are thought to be among those worst hit by the ongoing economic downturn and an increasing number are putting off plans to relocate.

Furthermore, the firm behind the latest study maintains that the tendency for homeowners to feel trapped in their current property reflects the view that the UK’s economy is set for tough times.

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

The Nationwide Building Society reported last week that the slump in house prices in the UK has gathered pace in recent months.