What do home hunters like YOU think about today's property market?

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Attracting over 28,000 responses in under two weeks, the first-ever Consumer Confidence Survey has confirmed that all eyes are on the property market and most are in agreement about what they see! Whilst the housing market falters through mortgage uncertainty, the majority (65%) acknowledge the window of opportunity for cash-rich and mortgage-ready buyers, but the options for first-time buyers are limited. The recent price falls have clearly made property attractive to potential buyers, and with Rightmove visitors sending a record number of enquiries to member agents during January, there is strong evidence that would-be buyers are ready to act on their instincts. 

  • Almost 7 in 10 think that now is a good time to buy, whilst only 1.5% feel it’s currently a good time to sell, suggesting many expect mortgage availability to remain tough. Interestingly, those in Scotland feel it is a good time to buy more than anywhere other area, with 72% believing it’s a buyer’s market. More Londoners (19%) believe it’s a good time to sell, compared to the rest of the UK.
                            

Miles Shipside, commercial director at Rightmove comments: “With interest rates at historic lows and set to fall further, and property deals available at around 25% below peak boom prices, buying has got a whole lot cheaper. Other assets now seem 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 from just a few months ago.”  The desire for the UK to move is forever high - many are expecting to move this year!                                                       

                            
  • Nearly half (46%) of respondents expect to buy a home to live in during 2009
  • 10% are planning to buy an investment property.
  • 29% hope to sell a property in the next 12 months.
  • 15% hope to let out their property
  • Over 11% expect to extend and improve their home.
                            
Shipside explains: “Consumer intentions reflect confidence, though unfortunately in reality, it is the sentiment amongst lenders that needs to improve before any buyers can manageably proceed.  What’s fascinating is that whilst about half of respondents expect to buy a property during 2009, 7 in 10 predict further price falls.  At the start of the year, we predicted that prices will fall an average of another 10% by the end of 2009, but we’re not surprised to see buyers returning to the market. Those buying now are in a great position to negotiate a quality property deal that insulates them from further price falls and they can also benefit from taking a longer term view of the property market.  It is not news to say that lack of funding is seriously hindering the number of potential buyers, but if you have already secured finance and are in a position to proceed, you could also be in prime position to benefit.” It’s encouraging that in British consumer confidence is relatively high; a great sign as we head towards a market recovery. And if you’re one of our thousands’ of respondents interested in buying a property in 2009 or renting a new property, there’s plenty out there, so get searching!

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