More Britons 'unable to move'

Article date : 13/08/2009

 

Written by Tony Harrison

Some 3.5 million households in the UK are "stuck" in their existing property due to their current financial situation making it impossible to move, it has been reported.

According to research by mortgage broker John Charcol, a third of all homeowners with a residential mortgage have been unable to move to a new home due to a lack of equity in their current home or an inability to access mortgage finance.

Commenting on the findings, the group's Ray Boulger said: "When most people move they rely on the equity in their property to provide the bulk of the deposit required for their new property, which is currently a minimum of ten per cent in most cases, plus moving costs."

However, Britons could choose this time to make an investment designed to boost the energy efficiency of their homes, which could see them attracting buyers in the future.

The Energy Saving Trust notes that buyers are attracted to warm and comfortable homes with the possibility of lower energy bills and advises Britons install condensing boilers and heating controls to help achieve this.

 

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