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June 16, 2010    

Confidence in UK housing market slips

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by Gill Montia

Less than half of those contributing to the Building Societies Association’s (BSA) June Property Tracker survey think that now is a good time to buy a home.

The confidence level slipped to 45%, down from 49% in March, possibly reflecting concerns about the state of the economy and the various austerity warnings issued by the new Government.

Fifty-five per cent of people surveyed considered job security a barrier to buying a home, followed by the ability to save for a deposit, at 53%.

Respondents were also asked what the Government should do to promote home ownership and while no preferred single solution emerged, 36% suggested clamping down on properties standing empty.

Thirty-three per cent wanted stamp duty removed or reduced; 32% more lending from banks or building societies; 28% opted for help in saving a deposit and 27% a simplification of the home buying process.

The BSA suggests that this range of measures could help turn Housing Minister Grant Shapp’s promise of an “age of aspiration” for Britain’s would-be homebuyers into a reality.

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Tags: age of aspirations, , , , , , job security, , Property Tracker Survey,