Several things are affecting the market currently. The recent OCR increase of .5 basis points sent a few homeowners whose fixed interest rates are coming to an end, into a spin and the thought that another increase in May will have interest rates further increasing is a cause for concern.
Another impacting factor currently is landlords who up until now have been able to claim interest against income on their investment property unable to do so and the impact that will have on the tax that they pay.
We are seeing investors considering selling and this will lead to a further housing shortage for those wishing to rent property. First home buyers are still looking however, they too are concerned with the increasing interest rates.
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