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Halifax identifies a drop in the number of people who feel it is a good time to buy

Halifax Home Buyers Survey

The prospect of higher interest rates and difficulty in raising a deposit are rapidly discoursing people of buying a new home according to the Halifax.

A survey has shown a sharp drop in the number of people who felt it was a good time to buy a home over the next 12 months. The survey also showed the trend was most prominent in London and the South East.

This is the latest sign the UK housing market is cooling with other signals including a drop in mortgage approvals and applications.

The hunger for buying faded in the second quarter, members of the public were more optimistic about selling the property.

Craig McKinlay, mortgages director at Halifax, said: “Over the past two years consumer confidence has continued to grow, however it appears that we’ve reached a tipping point with the equilibrium between buyers and sellers much more out of sync.

“The results highlight the regional variations as now people believe that it’s a good time to sell but not buy, particularly in London and the southeast where house price expectations are generally higher and buyers appear to be less inclined to rush into a buying a property as we have seen over the past 12 months.”

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