Young homeowners 'fear negative equity'

A quarter of homeowners aged between 24 and 34 are concerned about the possibility of finding themselves in negative equity, a new survey has shown.

According to financial website Fool.co.uk, falling property prices and rising mortgage payments are worrying 23 per cent of the nation's young homeowners.

In fact, 16 per cent admitted they had made regular enquiries about the value of their home since January.

David Kuo, head of personal finance at Fool.co.uk, said: "Young people who have not experienced previous recessions are understandably worried about the property market.

"They include both those who have just bought their first house and those who want to get on the ladder, but whose hopes are being dashed by over-cautious lenders."

He urged the government to abolish stamp duty for first-time buyers on properties up to £190,000.

According to Capital Economics, buyers who purchased their property within the last 12 months are at more at risk than if they bought their home three years ago.

Published 15th April, 2008

© 2008 Estates IT Limited

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A quarter of homeowners aged between 24 and 34 are concerned about the possibility of finding themselves in negative equity, a new survey has shown.

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