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· 2.5 million homeowners have been living in their current house for longer than they originally planned*

· Of those ‘trapped’ homeowners, one in four (24%)** are stuck because they can’t sell their current home at the price they want

· Five years ago only 2%*** of homeowners were unable to move due to inability to afford mortgage repayments on their next home; this has risen to one in five (22%) in 2009

2.5 million homeowners are living in their current home for longer than they had originally planned to according to Unbiased.co.uk, the professional advice website.  The recent property market collapse has results in millions of homeowners having to put their moving plans on hold due to restraints on their finances.

One in four (24%) homeowners are stuck in their current property for longer than they planned due to not being able to sell at the price they want.  This rises to one in three (37%) over 55s who are trapped within their current home as falling house prices has meant they can’t get the price they want for it. 

One in five (22%) of those who are living in their current home longer than originally planned are doing so because they can’t afford the mortgage repayments on their next home.  The 35 to 54 year olds are most affected by not being able to afford their next mortgage repayments as one in four (25%) state this as the reason why they can’t move.

14% of homeowners state they are unable to afford their next home’s deposit as the reason why they cannot move up the property ladder. This number rises to 23% of those aged between 18 and 24.

Karen Barrett, Chief Executive of Unbiased.co.uk comments, “The recent property market volatility has had major implications on homeowners’ plans to move up the property ladder.  Many have relied on their home either as an investment for the future or to help them to move onto the next rung of the housing ladder.  However, millions have now realised that their plans have been put on hold by the current state of the property market, and they now have to remain in their current house for longer than they had originally planned.

“Being able to access an affordable mortgage for your next property is a vital part of the house buying process. With stricter lending criteria and larger deposits needed in the current environment home buyers should ensure they seek professional advice when it comes to financing their property.  It is important that those looking to move get the best advice possible, and only a whole of market mortgage adviser has access to the full range of deals on the market and can offer impartial advice on the best option for you.  Consumers can carry out a confidential and free search to find a whole of market mortgage adviser near them by going to Unbiased.co.uk” 

ENDS

* Grossed up figure calculated by Opinium Research.  There are 25 million households in the UK, and 55% of these own their own home.  (0.55 * 25,000,000)  = 13,750,000  

18% of 13,750,000   = 2,475,000 (2.5million)

** Opinium Research carried out an online poll of 2,026 British adults from Friday 15th to Tuesday 19th May 2009.  Results have been weighted to nationally representative criteria

*** TNS carried out a telephone omnibus survey of 1,294 GB adults from 04th – 06th & 11th – 13th June 2004.  Results have been weighted to nationally representative criteria

For further information on Unbiased.co.uk, the professional advice website pleases contact:

Sign up to Unbiased.co.uk’s unique Professional Connections service, allowing IFAs, mortgage brokers and solicitors to find and link up with other professional advisers across the UK to expand their current business network.

To stay connected to Unbiased.co.uk and for up to date news and views you can now follow us on Twitter http://twitter.com/Unbiased_co_uk

Notes to Editors

Unbiased.co.uk, the professional advice website

Unbiased.co.uk is the free and confidential UK-wide search service matching consumers with the most appropriate local professional advisers for their needs.  In 2008, Unbiased.co.uk fulfilled over half a million searches for local, professional advice. 

The portal currently houses three professional advice searches: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is inviting accountants to sign up for its ‘find an accountant’ service.  These searches enable consumers to find relevant professional advisers by postcode, area of specialism and payment method, amongst other options. 

IFA Promotion, the organisation behind Unbiased.co.uk, is now in its 20th year, and was set up to promote the benefits of independent financial advice to the consumer. 

Unbiased.co.uk’s product provider sponsors

Registered Office: Unbiased.co.uk is the consumer brand of IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606

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