Brits are more worried about their finances but they are somewhat more positive about the property market, a survey from a property information service has found.
The UK Pulse Report survey, conducted by Dye & Durham, revealed almost half of those asked in the the third quarter of this year said that they are feeling worse off than a year ago, with only 16% saying that their financial situation had improved over the past 12 months.
Those between the ages of 35-54 said that they felt the most financially vulnerable, as just over half (52%) confirmed that their finances had gone downhill compared to a year ago.
Also the majority of this age group and those between the ages of 45-54 said that owning their own home has become less affordable, with 59% and 58% respectively revealing that this was the case.
Overall, 58% said they would consider moving to try and lower their cost of living.
Nearly a quarter said they would specifically look for a more affordable area in the county where they lived.
This view was more apparent is some parts of the country, such as the East of England and London, where 29% and 27% respectively said would look at moving to an alternative location in their current county.
Signs of property market optimism
The survey also discovered that one in 20 respondents said that they planned to wait for lower interest rates or asking prices before buying a property.
Whereas a separate survey conducted in March this year found that one in 10 said they would do the same, highlighting that consumer property market sentiments have improved.
The report also found that over the past year, 2% of respondents sold their main residence property and then bought a new house in the past 12 months, but in the next year, 3% plan to do the same.
Martha Vallance, the chief operating officer of Dye & Durham said: “It’s clear that many people in the UK continue to be affected by the tough economic conditions, with rising bills and high interest rates making people feel financially worse off.
“This has had a knock-on effect for many industries as transaction activity has declined, including the legal industry that we operate in. However, as rates begin to hold and eventually decline, we expect to see a significant upswing in areas like real estate transactions, business originations and others.”
