Finacial contraints are forcing millions of people in Britain to feel like they are 'trapped' in their current homes
Millions of people in Britain feel like they are 'trapped' in their current homes as financial constraints make moving an impossibility.
That is according to research from Gocompare, which found that a quarter of homeowners feel this way as a result of money worries.
Some 79 per cent of householders said they would not be moving home for at least three years, while 15 per cent have even postponed plans to extend their homes because of the credit crunch.
Younger homeowners seem to be the worst affected, as 44 per cent of those under the age of 25 felt hemmed in by their finances and 32 per cent said they'd shelved plans to sell their home in the next year.
"This research shows just how hard the economic downturn is biting," said Hayley Parsons from the price comparison website. "A huge number of UK homeowners are worried about their financial situation and so feel trapped in their homes."
Falling house prices and low mortgage availability is likely to have contributed to the homeowners' inability to move house. Recent figures from Nationwide revealed that property prices dropped 2.5 per cent during May, while the Bank of England said that mortgage approvals fell to 58,000 in April, the lowest since 1993.
