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Low rates encourage home movers

Adam Williams
Written By:
Adam Williams
Posted:
Updated:
24/06/2015

One-in-four homeowners are planning to move home to take advantage of low rates in the mortgage market.

Research from the Nottingham Building Society found that as many as a quarter of homeowners were going to move in the next six months due to interest rates being low.

Mortgage brokers surveyed by the lender were not so confident. Only 16% of those questioned said they expected further reductions and almost a quarter (23%) believed rates would increase.

Across the whole market, 20% of all homeowners said they would consider moving home in the next six months.

Not all people are looking to move up the property ladder. Around 17% of people considering a move want to purchase a cheaper property and release equity.

A further 11% said their finances had deteriorated and they needed to move to a cheaper house to help meet their monthly living costs.

Ian Gibbons, Nottingham Mortgage Services senior mortgage broking manager, said the market was now entering a period where many people will consider a house move.

“This is traditional home buying season and our research shows that many homeowners are thinking about it,” he said.

“The key reason is that mortgage rates have fallen and are extremely competitive at the moment which makes finding a good deal possible if you search the whole market. In the first three months of this year, we saw a 49% increase in mortgage enquiries compared to the fourth quarter of last year.”


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