The continuing problems currently hampering the economy are reducing the financial desires of a large number of Consumers.

A new piece of research by Gocompare shows that about half of homeowners stated that the diminishing housing market and impact of the credit crunch has caused them to put off their property plans. According to the price comparison website, the monetary strains that they are currently going through have resulted in some 16.6 per cent of Britons reconsidering their plans to move house over the next year. However just under a quarter (24.9 per cent) claim to feel trapped within their homes due to their financial situation. These concerns seem to be especially prevalent for those in Cardiff, where more than a third (34.3 per cent) feel that their money situation means they are stuck with their current property. Meantime, four-fifths of Homeowners state that they are to stay within their house for an average of three years.

For those requiring an efficient method with which to fortify their finances, whether it is to help finance moving house or otherwise, applying for a cheap loan might be recommended.

In addition, the study showed that nearly 15 per cent of those that took part in the study have changed their minds about going ahead with their goal of improving their home. Such worries seem to be especially felt by those who live in Norwich and Nottingham as 24.4 and 21.1 per cent of people from the respective cities stated they have put off a home improvement project. On the other hand, just 7.1 per cent of people living in Belfast indicated that they will shelve indefinitely plans to extend their property because of the difficulties being felt in the financial sector.

For people wanting to fund renovations to their home home improvement loans may be useful.

Chief executive of Gocompare, Hayley Parsons, claimed that with the continuing burden of the credit crunch on people it is imperative for them to introduce measures to reduce pressures on their spending wherever possible. She said: "This research shows just how hard the economic downturn is biting. A huge number of UK homeowners are concerned about their financial situation and so feel trapped in their homes. It's never been more important to save money wherever you can and shopping around for your home and car insurance could save you hundreds of pounds a year in a matter of minutes."

Britons seeking to finance a renovation project might find that taking advantage of low rate loan is of assistance as it may help them to buy the materials required and hire quality tradesmen to do such work on their home.

Meantime, Sainsbury's recently reported that home insurance should be a vital consideration in terms of providing financial protection, in spie of a study by the firm indicating that more than a third of people without this cover do not view such a policy as being important.