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Debt management 'dimming' property ownership love affair

Debt management 'dimming' property ownership love affair

- Tuesday, 15 December 2009

Brits' desire for property ownership could be declining as more people seek debt management services.

Just 51 per cent of respondents to a Scottish Provident survey said that owning their own home is either critical or very important to guarantee a reasonable standard of living, which is a marked decline from the 60 per cent recorded in 2003.

The need to manage debt more effectively has become increasingly important during the economic downturn, with many families having to support children or parents.

Those aged between 55 and 64 saw the biggest shift in attitude, with just 44 per cent thinking that owning their own home is important - a drop of 17 per cent compared to six years ago.

Scottish Provident head of marketing Susan Barclay said there is "far less desire" to get on the property ladder than there had been previously.

"With many thousands of people unable to afford what are still high house prices, despite the recession, they are instead seemingly looking to save their hard-earned money to safeguard their or their children's futures," she commented.

Shelter warned yesterday (December 14th) that more homeowners struggling with debt management may have their properties repossessed unless the government provides more help.ADNFCR-2300-ID-19512911-ADNFCR
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