Due to the credit crunch, potential homeowners, across the UK, too nervous to climb onto the property market, says the high street bank, HSBC.

The bank has stated that the ongoing limitation of mortgages and the continual fall in house prices due to the credit crunch, has led to a similar "confidence crunch", among homeowners.

Close to 10 per cent of all homeowners who are planning to move, have decided to wait for al least six months before they do so, in the hopes that conditions in the property market will get better. Thirty-six per cent of UK home owners, fear that the house prices will continue to fall, while 37 per cent stated that the increase in the cost of living, would stifle the purchase of a new property.

Martijn van der Heijden, HSBC's UK head of mortgages said: "Many buyers are taking a wait and see attitude, naturally some feel uncomfortable buying a home which may be worth less in six months time."

He added: "Almost one in four buyers think they might struggle to get a mortgage, however just one in 50 has actually given up on their purchase due to failing to find a suitable loan. Anyone keen to buy a home still has an extensive range of mortgage options."