Brits struggling with finances according to National Homebuyers
Britons are facing financial difficulties due to rising prices, increasing debt and a slowing property market.
[UKPRwire, Mon Jan 28 2008] That is according to Alliance Trust, which has published its index of consumer financial wellbeing.
It reveals a damaging ten per cent fall in the final quarter of 2007 as more and more people got into financial difficulties.
The ten per cent fall is the largest in 18 months and Alliance Trust expects that many people will deal with the problem by reducing the amount they spend on large purchases such as houses.
"Our latest Financial Reality report highlights how acute the consumer's predicament has become. Our measure of consumer wellbeing shows a worsening picture not only for household budgets, but for consumers' net wealth and the economy as well," said Shona Dobbie from the firm.
"This is the first time since the end of 2004 that all these elements that make up consumer wellbeing have fallen at the same time.
"We are seeing particular pressure on budgets with higher food and fuel prices and heavy levels of debt and mortgage payments," she added.
Fast property sale expert Julian King adds, "Homeowners facing a difficult financial period are advised to use the equity in their property to resovlve their problems before a possession order does it for them".
Mr King is a director of National Homebuyers, the UK's leading Sell and Rent Back provider, where the homeowner sells their property for cash, but rents back for an agreed period of time and rental fee.
"Mortgage rescue options exist to assist the homeowner facing financial difficulties. All we request to resolve the consumer's problems is they act quickly" adds Mr King.