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Homeowners are set on bricks and mortar

Hoewoners would add to their investment in bricks and mortar if they had more money, says NatWest.

The bank’s research finds that over half of homeowners would buy a bigger or second house if their incomes rose.

Research by NatWest Mortgage Services found that with a higher disposable income, a third of consumers would buy a house or upgrade to a bigger home, while 23 per cent would invest in a second home abroad. Twenty-one per cent would make improvements to their existing homes.

Londoners are most likely to buy a first house or move up to a bigger house – the choice of 33 per cent – while people in the North-east are most likely to buy a second home abroad, the choice of 29 per cent.

The data shows that 62 per cent of those who took out a mortgage in the last five years spent three months or less selecting a property.

The sample of 2,237 UK adults, interviewed by YouGov, shows that 45 per cent of those taking out a mortgage in the last five years spent up to a week looking at and comparing deals before deciding on the loan they wanted.

NatWest Mortgages director Charles Haresnape says: “People are becoming more astute when it comes to buying property and finding a mortgage, and clearly a lot more demanding in bagging the right deal.”


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