Britons resigned to housing market downturn

| April 9, 2009 | 0 Comments
Britons resigned to housing market downturn

New research from indicates that the majority of Britons are not expecting to see house prices rise during 2009.

In a recent survey by the mortgage advice website, 58% of respondents said they were not anticipating an upturn this year, while 18% didn’t see any prospect of an improvement until at least 2011.

Twenty-eight per cent of people surveyed were actually interested in buying a property but one quarter of this group expect prices to fall further and were therefore not taking any action.

In addition, one in four prospective purchasers were busy mounting up savings for a bigger deposit, with 18 to 34 year-olds particularly well represented in this group.

Potential house buyers are also likely to be expecting a bargain with 50% of those questioned hoping to knock 15% off the cost of the property of their dreams.

Thirty per cent were even more ambitious and would be using their negotiating skills to try and slice at least 20% off the asking price.

Richard Winder, spokesperson for comments: “There is a general sense that investing in bricks and mortar will be out of fashion for many months to come, and this mixed with mortgage lenders’ much stricter criteria, is making many first-time buyers park their plans until there are signs of improving conditions.”

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