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Couples delay divorce in credit crunch
6 August 2008
Troubled couples could be getting a second chance at love all thanks to the credit crunch, according to new research.
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A study by Savills Research found that as house prices keep falling, the number of people getting divorced will also go down.
Unfortunately, this is not as a result of Cupid's Arrow, but rather due to the expense of getting divorced – something which many individuals will not be able to handle in this weak economic climate.
Research shows that property prices are falling at their fastest rate since 1991 and people are increasingly feeling their purse strings are being tightened.
Now struggling couples are putting off breaking up because they will have less equity in their property to share should they separate.
Research by Savills shows that historically the number of divorces goes up as house prices increase.
Lucian Cook, director of Savills Research, said: "As house prices rise home owners undoubtedly feel wealthier and our supposition is that they also feel able to afford to get divorced.
"We forecast that the current falls in property prices – unwelcome and uncomfortable for the majority – will result in fewer divorces, even allowing for the overriding downward trend in the UK’s divorce rate."
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