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Playing a waiting game fails to pay off for homebuyers

Many homebuyers are delaying making a purchase in the hope that prices will fall, says Alliance & Leicester Mortgages.

Twenty per cent of 2,000 buyers it questioned are playing a waiting game because they believe that houses are overpriced. But 71 per cent admitted that prices have risen while they have waited.

According to A&L Mortgages, over the average wait of three years and 10 months, property prices have risen by an average of 33,689.

Buyers who have waited over five years have seen average prices rise from 101,550 to 189,852.

Director of mortgages Stephen Leonard says: “The research highlights that some homebuyers are playing the waiting game to see if house prices will fall.

“In recent years, the maj- ority of those who waited to see if house prices would fall found that they had waited in vain, since prices rose on average by 33,000 while they waited. It remains to be seen whether waiting will pay off going forward.

“Delaying tactics signify that homebuyers are being cautious about the property market and are considering their choices carefully before leaping in. There are various ways that homebuyers can get a foot on the ladder. Part of their decision is choosing their mortgage deal carefully.”

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