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88% of people putting homebuying plans on hold

Interest in the housing market has dried up, with 88 per cent of the

UK population putting homebuying plans on hold, according to the

property pulse index by The Mortgage Lender.

The findings show that just 7 per cent are looking to buy a home and

only 3 per cent have plans to sell their property.

TML says people are ignoring the message about historically low

interest rates and have chosen to play it safe. It says that in

addition to concerns about the war, people are worried about

overinflated house prices and the price they would get for the

property they are selling.

Interest in remortgaging is also on the wane. TML says people most

likely to remortgage are those with impaired credit histories at 13

per cent and people in Wales at 6 per cent.

Research was carried out for TML among 2,000 UK adults in February.

Managing director Tim Kirby says: “The research would certainly seem

to indicate that the current global crisis is having an impact on

what is already a cooling market although it is too early to say

whether this is a kneejerk reaction to events or what the true impact

might be on house prices over the next few months.

“However, in the current climate, it may be wiser for people to look

at the ways of investing on their current home through improvement.

By spending a bit on their homes now, they stand a good chance of

making the most out of bad situation – increasing the value of their

property as an investment for the future while waiting for the

housing market to level out.”

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