Millions of British homeowners feel trapped in their current property because of the money problems they face, according to a recent study.

Figures compiled by Gocompare.com show that close to a quarter of all homeowners feel that their financial situation is preventing them from moving to another property.

The money problems facing homeowners were found to be having a particularly strong impact among people aged under 25, more than a third of whom have abandoned plans to relocate over the course of the coming 12 months.

Declining house prices and the credit crunch are seen as the principal reasons why homeowners are "battening down the hatches" in preparation for a stormy period for the British economy.

"This research shows just how hard the economic downturn is biting," said Hayley Parsons, chief executive of Gocompare.com.

Last week, Paul Holmes, chief executive at Firstrung, said that the recent house price boom in the UK has been a "disaster" for those people who are yet to get on the property ladder.