UK Money News
15th April 2008
Recession virgins fear housing collapse
Almost one in four homeowners aged between 24-34 year-old are concerned about the threat of negative equity in 2008, according to personal finance website Fool.co.uk.
Nationwide's housing index has recorded a decline in house prices for five consecutive months, while Halifax reported a 2.5 per cent fall in March.
This slump has led to 23 per cent of respondents worrying that the value of their home will be less than their mortgage.
Meanwhile, a further 16 per cent of 'recession virgins', young people who have no experience of a previous recession, admit to having their estate agent on speed dial.
Over half of respondents plan to ride out the credit crunch in their current homes. However, 13 per cent of recession virgins have cancelled planned moves while another 13 per cent are considering investing in property if prices continue to fall.
David Kuo, head of personal finance at Fool.co.uk, says: "It is important to provide as much assistance to first-time buyers because they are the lifeblood of a healthy property market."
Mr Kuo urged the Government to raise the threshold for stamp duty for first-time buyers up to £190,000, stating that this figure reflected the impact of house-price inflation since 1993.
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