A survey by the Family Building Society has found that homeowners and savers are increasingly pessimistic about the economy and their financial future.
The poll showed 60% expected the economy to slow down in early 2025, a 42% increase from the spring poll, while only 7% anticipated growth.
Many were still satisfied with their current financial situation; however, 35% feared worsening conditions due to inflation, tax hikes, and stagnant income.
Housing remained a key issue, with a majority wanting reforms such as abolishing Stamp Duty for downsizers and building on brownfield sites.
The October Budget was also a major concern, with 94% identifying issues like employer National Insurance hikes, Inheritance Tax changes, and inadequate cost-of-living measures as likely to have negative effects.
Survey participants voiced concerns such as “Prices are rising faster than average wage increases” and “Lack of investment in key infrastructure, higher interest rates affecting households, and increased unemployment.”
One said: “The pensioners like me seem to be penalised.”
Members had strong views on housing policy, with one saying the Government should: “Build on all derelict sites.”
Another added: “Encourage mobility by abolishing Stamp Duty.”
Another member suggested: “Raise the Stamp Duty threshold. Abolishing it for downsizers will bring more large properties onto the market.”
Alistair Nimmo, director of marketing at the Family Building Society, said: “The October Budget clearly has had a largely negative impression on our members.
“They worry that any increase in business costs will mean higher consumer prices.
“There were some bright spots. For example, the majority had not needed to help out a family member financially and many are expecting further cuts in the Bank of England Base Rate.
“But, overall, our members are pessimistic about the economy and the uncertainty of where the housing market is heading.”
