'More people looking to buy property'

Posted: 09 Sep 2009 15:14:31 GMT

A growing number of Britons are hoping to buy homes, according to new data.

Comparison website Moneysupermarket.com reported that since January, the proportion of its users seeking to purchase mortgages has risen by a fifth.

Spokesperson Hannah Mercedes Skenfield suggested that people looking to get on the housing ladder or upsize might be working on the belief that prices have levelled to the lowest point they can reach.

"Although many other lenders have barely recognized the dramatic fall in base rates and have kept their mortgage deals relatively expensive there are some good deals to be had, so consumers should make sure they shop around to get them," she said.

Remortgage searches have dropped by a third in the same period, which Ms Mercedes Skenfield said might be due to homeowners deciding that their lenders' standard variable rates offer a better short-term option than finding another provider.

Meanwhile, Geoff O'Neill of Coastal Property Search has said that the recession has caused many people to consider buying a holiday home.

He said they are considered a "good investment" when people do not want to travel so much and prices are low.


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