UK Money News
18th July 2008
Middle class Brits bearing brunt of housing downturn
Middle class homeowners are set to experience the worst of the downturn in the housing market, it has been predicted.
The AXA Finance has forecast that middle class households, which it categorises as those with an income of between £40,000 and £100,000, will see their home fall in price by 18.3 per cent by the end of 2008.
This would wipe some £40,000 off the value of the average property owned by this demographic.
However, homes owned by lower income households are set to fall by just 12.8 per cent.
The report also highlighted the increasing problems that middle class homeowners are encountering with higher mortgage payments, with nine per cent of those quizzed admitting they are struggling to pay their housing costs.
Steve Folkard of the AXA Taskforce said: "Middle Britain is not immune to an economic downturn and it is at times like this when simple money management and financial planning can really help.
"People who are struggling to make their mortgage repayments should avoid burying their head in the sand and should seek to find a solution."
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