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Growing interest in housebuying

Rising numbers of people are looking to buy a new home, despite

warnings that house prices will fall this year, according to research

by Alliance & Leicester.

It found that 12 per cent of people plan to buy a new home in the

next two years,a step up from the 11 per cent recorded in each of the

last three quarters.

The most common reason for buying a home is to save money, with 20

per cent of people saying it is cheaper than renting. The need for

independence is also a big factor, with 18 per cent citing it as a

reason to buy.

The driving force behind the property market appears to be people in

their 20s, with 27 per cent intending to buy within the next two

years. Only 2 per cent of those over 60 are looking to move.

Men are more likely to want to move than women, with 14 per cent

saying they are thinking of buying a home in the next two years

compared with 11 per cent of women.

Seventeen per cent of single people said they are looking at moving

in the next two years compared with only 13 per cent of married


On a regional basis, Londoners are most likely to be considering a

move, with 16 per cent.

Head of mortgages Paul Cooper says: “Although there is some

uncertainty in the housing market, low interest rates and fierce

competition among mortgage lenders continue to make buying very

attractive. The fact that so many people in their 20s are planning to

buy is a very encouraging sign and bodes well for the health of the

property market.”



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