Confidence in the property market fragile, says BSA
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Buyer confidence in the property market remains fragile with only 49 per cent agreeing that now is a good time to buy a property, according to the Building Societies Association’s Property Tracker Survey.
The figure has fallen from 58 per cent in December 2009 and is the first time that the proportion agreeing that now was the time to buy property has fallen below 50 per cent since December 2008.
The survey found that buyers expected prices to rise by 2.2 per cent over the next twelve months.
Some of the biggest obstacles to purchasing a property were found to be raising a deposit and getting access to a mortgage.
BSA head of mortgage policy Paul Broadhead says: “It is no surprise that people are uncertain if now is a good time to buy property. Potential buyers will be waiting to see the effect on the property market of the end of the Stamp Duty holiday. The forthcoming budget and general election provide further levels of uncertainty to potential homebuyers.
“However, despite these concerns, people still expect property prices to rise over the next year, showing that they believe that property remains a good investment. Once the election is over, and people are more confident about the economic outlook, we hope that buyers will return to the market.”
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Readers' comments (1)
Anonymous | 17 Mar 2010 4:30 pm
"buyers expected prices to rise by 2.2 per cent over the next twelve months" - I am sure I would say that! Or would I be more likely to say, "I don't have a clue?"
Is this survey worth anything?
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