Homeowners stay put, says Firstrung
www.moneynews.co.uk > Housing market > Homeowners stay put, says Firstrung
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Money News |
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Homeowners stay put, says Firstrung
Mon 18th Dec 2006
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Paul Holmes, CEO of Firstrung, has expressed his opinion that the rate rises will begin to affect the housing market early next year, resulting in a cooling down of the amount of people wishing to look for a new house.
Described by Mr Holmes as potentially "the straw that breaks the camels back", the base rate now stands at five per cent. A YouGov survey found that 17 per cent of homeowners may plump for remortgaging their home should the Bank of England increase the base rate once more.
Mr Holmes said: "I think all the other factors have simply made housing, even for people looking to go from the first to the second rung, too unaffordable and an awful lot of people are beginning to think: 'Can I afford this? Where is the benefit?'"
"If they don't think that their new house is going to go up in value, then they'll be more inclined to stay where they are," he added.
Related News : Housing market |
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