Two thirds say 2009 is a good time to buy homes
Consumer confidence is returning to the housing market with two thirds of people thinking now is a good time to buy a new home, says new research.
Around 66% of people said they thought it was currently a good time to buy a property, but just 2.1% said it was a good time to sell one, according to property website Rightmove.
The findings suggest people think it is a buyers market, in which those who have the funds in place to go ahead with a purchase can negotiate big discounts.
Nearly half of people who responded to s a survey on the website plan to buy a home during the coming 12 months, despite the fact seven out of 10 expect prices to fall further during the year.
In fact, potential buyers seem to have identified 2009 as the window in which to buy property with only 38.4% thinking t it will still be a good time to buy a home in 12 months’ time, while just over a third of those questioned said they thought 2010 would be a good time to sell a property.
Spokesman Miles Shipside said “With interest rates at historic lows and property deals available at around 25% below peak boom prices, buying has got a whole lot cheaper.
“Other assets now seems a lot less solid than bricks and mortar, so the time to buy pendulum is swinging from negative to positive.
“It’s aided by some homeowners’ mortgage repayments being the lowest they have ever experienced and the prospect of them getting even cheaper – a real turnaround form just a few months ago.”
Around 16% of the 28,212 people questioned said they would be willing to borrow more than four times their salary to buy a home, even though tighter lending criteria mean they may not be able to do this, although 49% of people are more wary and said they would only borrow up to three times their pay.
Property Supplement, Evening Star 12th February 2009
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