Despite rising interest rates and house prices, research from mform.co.uk has indicated that up to 7 per cent of the UK adult population would be looking to purchase their first property, or move from their current home.
However, as a result, mform.co.uk suggested the increased demand would lead to greater house price inflation over the coming months.
Eamonn Rice, chief executive of mform.co.uk, said: “Between 2001 and 2006, the average annual amount spent on mortgages by people with home loans increased from around £4,600 to £6,600, and it will be nearer £7,000 now. Despite the fact that house prices and interest rates are likely to rise, the number of people looking to purchase a new home is still very high.”
The research also revealed that 10 per cent of those living in London expected to purchase a property before July, while 4 per cent of those living in Anglia admitted they were looking to move by the Summer.
Commenting on the findings, Anthony Badaloo, manager at Church Hill Finance, said: “Everyone dreams of owning their own property. In my opinion, the only ones not looking are those who do not feel they are capable. With an already high level of home ownership, these figures are within expectations. Interest rates may have put some people off from buying at the moment, but there is still a strong interest in home ownership – enough for gazumping to be still going on.”
