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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