Despite depressing predictions for the property market, there is some Christmas cheer for sellers.
Increasing numbers of people believe that now is a good time to buy a home, with the BSA’s (Building Societies Association) Property Tracker survey finding that 46% of people agree to some extent that now is a good time to purchase.
The survey takes place quarterly and provides an understanding of how the British public view the housing market.
Although several reports suggest further gloom for the housing sector, sellers will take Christmas cheer from the news that the 46% of people represents an increase from the 34% of people who thought September was a good time to buy and the 27% who did in July.
Paul Broadhead, head of mortgage Policy: “With sentiment playing such an important role in the property market, the gradual increase in the numbers of people who believe it is a good time to buy bodes well for 2009.
Despite this good news, the threat of unemployment may hamper the market’s recovery in 2009. Lack of job security was identified as the major barrier to home purchase by 58% of respondents, compared to 28% in September and just 12% in June. Respondents also predicted an average fall in house prices for the next year of 8.6%.
