Homeowners want quick sale as interest rates rise

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by Kay Murchie

Fears of a housing market slowdown is looming as a rush of homeowners look for a quick sale following 5 interest rate rises in the last 12 months.

According to National Homeowners, an organisation specialising in the quick sale of property in the UK, reported a 95% increase in enquires during July compared with June. In addition, the survey showed that 25% of respondents said that debt was the main issue when deciding to sell.

This research mirrored recent information from the Council of Mortgage Lenders which detailed a significant upturn in repossessions, sparking fears that house prices may start falling.

A spokesperson for National Homebuyers declared that many are losing confidence in the property market and homeowners want a way out. However, there are many reasons for homeowners looking for a quick sale such as divorce, illness, retirement, death and downsizing or moving overseas.

Furthermore, the launch of home information packs (Hips) may also have provoked homeowners to look for a quick sale.