Consumers looking to enter the housing market amid uncertainty

As uncertainty surrounds the housing market, many consumers consider the best time to access cheap mortgages and enter the property market to be within the next year.

Despite the many different forecasts about how the housing market will progress, the December edition of the Building Societies Association's BSA tracker survey, found that 43 per cent of people believe the next year is the best time to enter the property market.

The research revealed that 36 per cent of the respondents expect housing prices to fall in 2011, with 33 per cent predicting a price rise.

Paul Broadhead, head of mortgage policy at the BSA, said: "Although the housing market remains uncertain, the public does not expect house prices to fall as dramatically as they did two years ago."

However, he added that some barriers will remain for people looking to get onto the property ladder, such as worries about raising a deposit and fears over job security.

Zoopla.co.uk recently reported that the value of the average home in Britain grew by £4,978 over 2010, up 2.36 per cent from £210,846 last December to £215,824 currently.
 

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2010-12-15 12:34:14 © Moneyextra.com