Worried consumers seek professional advice

The summer of 2004 has left consumers wary and looking for professional advice, says national mortgage broker Cartel.

In a nationwide consumer survey by Cartel, 30% of respondents say they firmly believe that a housing crash is imminent. And of the 5,000 respondents, 77% are convinced that interest rates will continue to rise for the rest of this year.

Carl Wright, managing director at Cartel, says: “This news comes as no surprise. While estate agents and those selling their homes share these worries about the market, we are working hard to reassure our customers that the news is not all bad.

“We must not forget that most experts still do not forecast a housing crash, and 705 of our respondents would agree with that. But while there is uncertainty, people need professional reassurance much more than in stable financial climates.

“A large part of our business is remortgaging and while this uncertainty reigns, companies in a similar position to us are experiencing high demand from those seeking the best possible deal.”

Wright’s opinions are supported by the fact that 55% say they believe more individuals will remortgage or consider remortgaging over the next 12 months, due to the rising interest rates.