Many British people are confident about the UK property market, research reveals
Despite the current gloomy economic outlook British people are relatively confident about the property market, according to new research published this day (Friday 27 January).
Some 3.7 million Brits state they are likely to purchase a new home this year and a third of home owners anticipate house prices to rise, the research from Santander Mortgages found.
It also reveals that raising a deposit is the biggest barrier for those who feel they can’t purchase a property but more than half, 53% of potential buyers feel more positive about their prospects this year.
Younger people are the most likely to buy, with 12% of those aged 18 to 34 saying they are likely to purchase a new home. This is compared to 7% of 35 to 54 year olds and 5% of those aged 55 or over.
Overall 53% of those planning to purchase a home are more positive about their prospects of being able to do so than a year ago, compared to only 15% who are more negative.
By region, Londoners are the most confident about their chances of purchasing a home this year, with 13% believing it is likely they will do so. At the other end of the scale only 4% of those in the East of England think they are likely to purchase a new property in 2012.
Of those who are likely to purchase a new home this year, roughly a quarter, 24%, will be first time buyers, while just over a third, 37%, intend to purchase a new house and sell their current one. A further 15% plan to purchase to let and 11% will be buying an additional property to one or more they already own.
Of those who feel they are unlikely to purchase a new home this year, the most significant obstacle is not having enough money for a deposit with22% giving this reason. This is a particular problem for those aged 18 to 34, 42% of whom cite this as a reason for not purchasing this year.
One in seven people, 14%, state they can’t afford to purchase in the area they want to live in and 9% are simply unable to get a mortgage. Some 5% of aspiring home buyers state they can’t find a property they like within their price range and 3% are waiting for prices to fall further. An additional 4% state unemployment is the main reason for not buying in 2012, and 2% state it’s because they are worried about losing their job.
Others have made a conscious decision not to buy, with 8% preferring to rent and 2% happy to remain living with their parents or other relatives for free.
Home owners are relatively optimistic about house price rises this year, with 29% of them expecting an increase in the value of their property over the next 12 months, compared to just 17% predicting a fall in value. Almost one in two, 48% of home owners thinks their…
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Submited at Friday, January 27th, 2012 at 3:00 pm on News by Alina
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