Britons have been advised to 'storm-proof' their finances to guard against a looming recession, with many likely to look into the financial benefits of downsizing their homes before the market slowdowns bottom out.
According to recent figures from the Confederation of British
Industry (CBI), the
UK is a matter of weeks away from an official recession, prompting many
homeowners to start worrying about the very real risk of negative equity.
And, as well as putting money aside now, Donna Bradshaw, a financial planning strategist with advisers Siddalls, has stated that those with large mortgages should look into downsizing sooner rather than later, as in a bit such a move may not be possible.
"Don't assume you would simply be able to sell-up and downsize if money gets tight," she told the Telegraph.
"Even if you are a long way from negative equity, selling could take months - and in the meantime mortgage bills still have to be paid. And remortgaging to take additional equity from your home is likely to be problematic in current conditions."
Anyone looking to protect themselves from an economic slowdown and looking into downsizing should look into making use of safe
storage solutions.
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