Due to “considerable uncertainty” in the housing market, homeowners are more likely to
Michael Coogan of the Council of
The current unstable financial climate will lead many homeowners to restructure their borrowing habits, he said.
“It is likely that demand will be stronger for remortgaging than for house purchase in the short term,” Mr Coogan added.
David Black, principal consultant at Defaqto, confirmed Mr Coogan’s sentiments, claiming that the remortgaging sector is the only aspect of the market to “show any signs of life”.
He explained that tighter credit conditions and a subdued housing market had contributed to the trend.
According to Mr Coogan, if the government cut the rates of stamp duty in next month’s Budget, homeowners may be more likely to consider moving.
© Adfero Ltd