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Refinancing activity to pick up

Staff Reporter 1 minute read

Brokers can expect an upswing in refinancing activity in 2009 as homeowners choose to renovate in preference over purchasing a new property.

According to Mortgage Choice 41 per cent of property owners plan to make improvements to their home next year – a reflection of uncertainty over the stability of property prices.

Of those surveyed, 31 per cent said they will buy property over the next 12 months, a marked drop to last year’s 44 per cent.

Nonetheless, 63 per cent of respondents believe property to be a safer investment than shares, a reflection of ongoing share market volatility.

The survey was conducted in November with 1,006 respondents, of which 86 per cent were property owners and 75 per cent have a mortgage.

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Published: 26-11-08

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