Brits plan to spend less according to National Homebuyers
More than 30 million Britons intend to curb their spending as the global credit crunch continues to cause financial difficulties for many.
[UKPRwire, Wed Feb 27 2008] That is according to new research from Friends Provident, which revealed that 66 per cent of UK adults are planning to tighten their belts.
The research showed that 33 per cent of adults are planning to completely overhaul their finances, with many likely to be considering a fast property sale.
The global credit crunch has been nothing but bad news for homeowners and with people worrying about financial difficulties it is highly unlikely that many people will be looking to buy a new house.
"The credit crunch is already impacting on consumers, both financially and psychologically," said James Ward, director of marketing at Friends Provident.
"Our research found that 40 per cent of people are worrying more about their finances because of the credit crunch," he added.
Fast property sale expert Julian King adds, "Homeowners living close to the wire could consider a Sell and Rent Back, equity release style option to help them.
"Sell and Rent Back is where the homeowner releases the equity in their property - often up to 90 per cent of its market value and rent the property back for as long as suits.
"Consumers, however, should be aware that we advise them only to use reputatable national comapnies".
Mr King is a director of National Homebuyers, the UK's largest quick sale property firm. He is also a founder member of APBA [Approved Property Buyers Association] which is calling for regulation in the quick sale and Sell and Rent Back industries.