More people consider taking out a new or extending their existing mortgage than at any time since June 2009, a new survey shows.
One in ten adults are planning to put down a deposit on a property to buy, which is the highest number on record since 2002, the JGFR/GfK Financial Activity Barometer reveals.
The number of people wanting to bring their finances in order has increased considerably as well. Eight in ten adults say they will save, invest, borrow or pay down debt in the coming months and that is the highest figure recorded since the first quarter of 2006, the researchers say.
The property market is likely to get a boost after it cooled down a bit at the end of 2014, as would-be buyers will be looking to complete their purchases before the general election in May.
Also, many people who were saving up regularly over the past 18 months are expected to invest their money in the coming months.
John Gilbert, chief executive of JGFR, comments: “Consumers are keen to get their finances in order in the coming months, with much greater uncertainty following the May general election. Improving employment and household incomes have boosted financial wellbeing in the past year, a trend set to continue as pay rises outstrip inflation and the cost of living drops on the back of falling fuel prices. As well as more money in consumers’ bank accounts, Budget changes in the past year have provided a timely boost to savings / investment, pensions and housing market activity in the run up to the election”
JGFR is an independent research consultancy providing long-running tracking studies on the mood and attitudes of UK consumers in conjunction with GfK NOP.
The Financial Activity Barometer, undertaken by GfK NOP for JGFR, has been issued every three months since the third quarter of 2002.
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