Confidence in UK housing market reflects mixed woes
The Building Societies Association (BSA) has been investigating levels of confidence in the UK residential property market.
Predictions for falls in house prices continue to grab the headlines but according to the BSA’s Property Tracker survey, 27% of Britons are convinced that now is a good time to buy.
A more cautious 51% do not consider it a good time to by a home. They are primarily concerned about mortgage costs, with 70% of this group put off by the size of today’s repayments.
The other factors seen as important barriers to home ownership in the current climate are as follows: gaining access to a large enough mortgage or any mortgage at all (49%); raising a deposit (47%); the possibility of future falls in property prices (46%); lack of job security (12%).
Respondents who though that it might be a good time to buy property also expressed concerns about the direction of house prices.
Thirty per cent of those who thought (to some extent) that it could be a good time to buy named falling values as the main barrier to buying now.
This new survey by the BSA will be carried out quarterly.