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Downturn Blamed On Global Economy |
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(19th August 2008)
Falling house prices and the increased cost of living are being blamed on the global economy and not on mortgage lenders, according to an independent broker.
New research carried out by L&C shows that more than 50 per cent of homeowners expect the property slump to continue until at least 2010, but just over a quarter are blaming mortgage lenders for the bleak outlook.
Some 45.9 per cent said that the biggest impact on their finances was the increasing cost of food and utility bills, compared with just under 12 per cent who said increasing mortgage costs had caused them to rethink their spending habits.
Technical manager at L&C Richard Morea said more than 70 per cent of homeowners surveyed by the broker were cutting back on spending and the main reason was the rising cost of food and fuel.
Mr Morea said: "Homeowners are catching it from all angles not only with higher mortgage rates but increasing fuel, food and energy costs."
"It's unsurprising that they are demonstrating a siege mentality," he added.
With the gloomy forecast predicted to last for at least another two-years, people entering the property market are looking for mortgage deals that are competitive in the long-term, according to Lloyds TSB.
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