Recession virgins worried about negative equity

Nearly 25% of home owners between the ages of 24 and 34 are fearful of negative equity as a result of falling house prices, says Fool.co.uk.

The consumer website’s research also finds that one sixth of this group are so worried about falling property prices that they have their estate agents on speed dial.

These home owners, dubbed recession virgins by the website, have made regular enquiries about the value of their properties over the past three months.

But some of them have been encouraged by plummeting prices. The website reports that 13% of recession vir- gins are considering buying property for the first time and are likely to act if prices continue to fall.

A survey published by the Royal Institution of Chartered Surveyors last week makes a similar claim. It predicts consumers might exploit falling prices to snap up bargain properties in the next six months.

David Kuo, head of personal finance at Fool.co.uk, says: “Young people who have not experienced previous recessions are understandably worried about the property market.

“They include borrowers who have just bought their first homes and those who want to get on the property ladder but whose hopes are being dashed by overcautious lenders.”