 Despite the so called signs of recovery in the UK economy, and the current positive figures of growth in countries such as the US and Germany, the mortgage market in this country is apparently only beginning to stabilise.
This appears to be the case, as reports state that 2.5 million homeowners are spending longer than planned in their current homes because of the credit crisis and its knock-on effect on the UK housing market.
In light of these figures the rate of conveyancing may not be rising as quickly as desired, as homeowners are not moving between properties as quickly.
According to research from a financial website, millions of property owners have to put their plans to move on ice due to economic uncertainty and worries about their finances.
One in four of those are trapped because they can't achieve the asking price they want or need in order to move.
Stuck at home
That figure increases to one in three (37 per cent) of people over the age of 55-years-old, as being stuck in their existing home because a drop in property prices has meant they can't get the price they want for it.
Speaking with regards to the findings, Karen Barrett, the chief executive of the website, said: "The recent property market volatility has had major implications on homeowners' plans to move up the property ladder. Many have relied on their home either as an investment for the future or to help them to move onto the next rung of the housing ladder.
"However, millions have now realised that their plans have been put on hold by the current state of the property market, and they now have to remain in their current house for longer than they had originally planned."
She added: "Being able to access an affordable mortgage for your next property is a vital part of the house buying process. With stricter lending criteria and larger deposits needed in the current environment homebuyers should ensure they seek professional advice when it comes to financing their property.
"It is important that those looking to move get the best advice possible, and only a whole of market mortgage adviser has access to the full range of deals on the market and can offer impartial advice on the best option for you."
Happy to stay put
However homeowners have been described as being 'content' with staying in their properties.
According to research exposed by an insurance giant, before the economic downturn 80 per cent of people classified themselves as a home 'hopper', describing themselves as the type of people who frequently changed address - making them the ideal clients for conveyancers.
However, today with the economic uncertainty and many people nervous about what might happen in the job market, only 26 per cent of people say they would be happy to move home regularly.
The survey revealed that 68 per cent of respondents regard their house as an emotional investment rather than purely a financial one, and 85 per cent view it as a place to relax.
In addition, 71 per cent would choose to buy back their current home if they lost it, with 16 per cent claiming they would be willing to pay more than the market valued for it.
The survey was carried out with environmental psychologist Dr Paul Keedwell, who calculated that homeowners have an average of £26,880 'emotional added value' in their home, which was generated by happy memories and home improvements.
Keedwell said many people now have an emotional attachment to their home "probably because of, rather than in spite of, the economic downturn."
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