Middle classes are feeling the pinch

The recession is taking its toll on the middle classes as desperate sellers look for different ways to get rid of their properties.

Figures from Property Portfolio Rescue, a specialist firm catering for owners looking to downsize their property portfolios, says it recorded a dramatic surge in enquiries in Q1 2009 from middle class home owners with properties worth more than 500,000.

The number of enquiries received by the company increased from 1,949 in Q1 2008 to 3,321 in the past three months.

Nick Hopkinson, director of Property Portfolio Rescue, says: “Previously, this group of desperate sellers did not make up a significant proportion of our enquiries.

“But our recent activity analysis provides a clear indication that the recession is affecting individuals across the economy.”