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Over 10 per cent of sellers change their minds because of rate rise

A survey suggests that over 10 per cent of existing homeowners have been deterred from selling thanks to the recent interest rate rise - the first for a decade.

A poll has been conducted of 2,847 UK adult homeowners aged 25 and over, all of whom claimed that - prior to the Bank of England base rate rise earlier this month - they had been planning to put their existing property on the market and purchase a different home within the next year.

When they were asked if the interest rate rise had made them re-think their decision to sell their property and move home within the next year, 88 per cent said No.

Of the 12 per cent of respondents who said they had been dissuaded from putting their home on the market, almost half said the the uncertainty of mortgage payments worried them and a third stated they were planning to wait until the interest rates were lowered again.

Just under two thirds of those deciding to stay put instead of sell said they would now ‘improve, not move’ instead.

The survey was conducted for interiors company Web-blinds.

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