Monday, October 23, 2006

80% of borrowers opt for fixed rates. Cheaper mortgages mean more home buyers keeping confidence in the market high

More buyers and competitive fixed rate mortgages continue to propel housing market - propertyfinder.com

A large new wave of homebuyers shrugged off the August interest rate increase and entered the home buying market in September and October. According to Propertyfinder's October survey 56% of home buyers had been searching for a month or less - up 8% from 48% in July.

Posted by converted lurker @ 10:07 AM (552 views)
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4 thoughts on “80% of borrowers opt for fixed rates. Cheaper mortgages mean more home buyers keeping confidence in the market high

  • It doesn’t make any sense at all. Everybody knows that the big ship is about to sink but they all want to jump on it at the last minute. It’s madness.

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  • I hope that you are right. I went into the estate agents yesterday to see if things were cooling a bit and I could not believe the lecture I received! The estate agent said and I quote: “You really need to be getting on the ladder, it doesn’t matter if it is just a small place you buy because if you don’t get on now you will never get on as prices are just going to keep going up!” This was the same woman who rang me up at home earlier to say: “well now is a good time to come in and see us as vendors are taking drops in prices as it’s a tough time of year.” I say – make your mind up woman! Are things good? or are they bad? Or do you just say what suits you?

    If this spiele is typical of agents across the country no wonder people are getting scared into taking on too much debt. When is everyone going to WAKE UP AND SMELL THE COFFEE?

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  • “Everybody knows the big ship is about to sink” . No! Only a few select people on this site know it’s about to sink. The other 95% percent of britain disagree?

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  • Sorry – but this is pure evil on a stick.

    The articlae says ‘A large new wave of homebuyers…’ implying large numbers, but oddly they don’t then quote volume, they quote a percentage. ‘56% of home buyers had been searching for a month or less …’

    So that could mean that 10 years ago, there were an average of 100,000 buyers in the market in any month, with 20,000 homes sales completed and 48% finding a home within a month. Now, we have only 100 buyers in the market, leading to 36 home sales, 56% of which are found within a month.

    These figures – and indeed the whole report – is entirely meaningless.

    The fact that the VIs are quoting such absurdly vague and convoluted figures shows how utterly desperate they are.

    Otherwise they would say 500,000 houses sold this month at an average value of….

    And it’s been a long time since we read such an easy to interpret straight forward piece of information from any VI.

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