Britons are worried about the effect that the continued difficulties felt in the economic markets may have on their finances, new research shows.

In a study carried out by the Motley Fool, it was revealed that just under a quarter (23 per cent) of homeowners between the ages of 24 and 34 are concerned that they may experience negative equity over the course of this year as property prices continue to fall. Meanwhile, some 13 per cent of people within this age demographic have cancelled their plans to move home until the housing sector begins to show signs of stabilising. Research from the personal finance publication also revealed that 56 per cent of consumers are looking to stay in their current home and wait for the effects of the credit crunch to blow over.

The Motley Fool also showed that 16 per cent of Britons who have never previously experienced a financial recession are concerned that the price of their home is set to fall even further. Such consumers were revealed to have made numerous enquiries to their estate agents during the last three months about the value of their property.

Following on from such concerns about the value of their properties, it may be possible that homeowners develop problems with making mortgage repayments. They could also incur difficulties with other spending commitments in areas such as personal loan repayments and plastic card bills.

Commenting on the figures, David Kuo, head of personal finance at the Motley Fool, said: “Young people who have not experienced previous recessions are understandably worried about the property market. They include both those who have just bought their first house and those who want to get on the ladder, but whose hopes are being dashed by over-cautious lenders.

“It is important to provide as much assistance to first-time buyers because they are the lifeblood of a healthy property market. So the Motley Fool is calling on the government to abolish stamp duty for first-time buyers for properties up to 190,000 pounds.”

Mr Kuo went on to report that “it is not unreasonable” for the nil-rate band to be raised to this figure as in 1993 the threshold for stamp duty stood at 60,000 pounds. The Motley Fool chief added that if the stamp duty of 15 years ago had been raised in line with property price inflation rates then the nil-band rate of 2008 would stand at 190,000 pounds “for everyone”.

However, with current stamp duty costs it may be possible that homeowners struggle to meet other demands on their spending. Such areas may include loan and credit card repayments, household bills and council tax.

For those consumers worried about their ability to manage stamp duty, mortgage repayments and other financial demands related to their property taking out a loan may prove to be of assistance. In doing so, borrowers might be able to find that they can meet the cost of various expenses quickly and effectively. Meanwhile, those looking to further reduce monetary pressures may also wish to consider taking out a fixed-rate mortgage. A recent MoneyExpert study showed that long-term fixed deals have become more popular over recent months, with more than one in ten of the fixed-rate products which are currently available lasting for more than ten years.

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