Nearly half of under-25 homeowners 'feel trapped'

02 2008
The results of a new survey have suggested today that almost half of young homeowners "feel trapped" in their homes.

Price comparison website Gocompare.com questioned 1,000 mortgage holders during May for their thoughts on the growing crisis in the UK housing market.

The data showed that 44 per cent of the under-25 category feel their hands are tied in relation to moving house due to the added pressure being placed on their finances.

Their plight is in contrast to that of young adults who choose to rent, and are thus free to move regularly without jeopardising their long-term financial security.

Chief executive Hayley Parsons told Headline Money website: "This research shows just how hard the economic downturn is biting.

"A huge number of UK homeowners are worried about their financial situation and so feel trapped in their homes."

The survey also showed that only 14 per cent are likely to move in the next three years, while 32 per cent admitted they have abandoned plans to move in the coming 12 months.

Gocompare.com launched in November 2006 and was the first of the so-called 'Comparison 2.0' websites.
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