UK Retains Confidence In Property Despite Market Uncertainty

 

Though there is still uncertainty in the direction of the UK housing market, recent research suggests that many people still see a positive opportunity from investing in property in 2011.

Building Societies Association (BSA)According to a recent BSA survey, 43% of respondents agreed that now is a good time to buy property (although down from 58% a year ago) while 26% disagreed.

If able, 59% of those feeling confident in the market would make a purchase either immediately or within the next year, with only 12% considering it wise wait for two years or more.

While analysts are predicting that house prices will be flat in 2011, 33% of respondents thought that prices would rise next year, as against 36% expecting price falls.

The BSA comments: “This suggests that even if prices are due to fall, most people expect them to bottom out within the next one to two years.”

The Association’s head of mortgage policy, Paul Broadhead, says: “Although the housing market remains uncertain, the public does not expect house prices to fall as dramatically as they did two years ago.”

He adds: “However, barriers remain that might prevent potential buyers from acting on these perceived opportunities.”

Worries about job security, the ability to raise a deposit, and obtaining a mortgage from lenders are the factors most likely to inhibit demand, the BSA suggests.

 

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