Tuesday, Jun 24, 2008
25% of people would but now if they could get a mortgage
Find a New Home.com: Right Time To Buy? One In Four Say Yes
The Building Societies Association new Property Tracker survey has yielded some surprising results. When asked if now was a good time to buy residential property, the majority of respondents (51 per cent) unsurprisingly declared that it wasn't. However, a not inconsiderable 27 per cent – failed to be discouraged by gloomy forecasts and prophecies of interest rate rises and a general recession. However, the top reason for buyers not biting wasn't the threat of further house price falls (that polled 46 per cent of the vote) but the inability to afford monthly mortgage payments. A massive 70 per cent of people could not afford the heightened rates offered by lenders on top of their other growing expenses.
Posted by who stole my pension? @ 04:07 AM (880 views) Add Comment
16 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. whiteknight said...
.... in other news 1 in 4 people thought Mount Everest was near a village, outside Glasgow in Scotland.
2. whiteknight said...
.. and finally an extract from University Challange of yesteryear. A University education you understand:
UNIVERSITY CHALLENGE
Bamber Gascoigne: What was Gandhi' first name?
Contestant: Goosey, goosey?
3. str 2007 said...
''However, a not inconsiderable 27 per cent – that's just over one in four – failed to be discouraged by gloomy forecasts and prophecies of interest rate rises and a general recession.''
Women - I bet you !
Seriously though if the survey is anything to go by, the sheeple just haven't got the message yet, they'd buy if they could afford the repayments.
It depends how the question was asked and peoples view of affordable, but you get the impression of a total lack of financial planning and understanding.
4. techieman said...
3 in 4 wouldnt buy thats more than i thought and hoped for. But "However, the top reason for buyers not biting wasn't the threat of further house price falls (that polled 46 per cent of the vote)". Thats better!! We need to wait for that number to be closer to 100% and at least 75% before we can call the bottom. And only 51% think its a bed time to buy. Good!
Perhaps its me but i cant see details of the poll - sample size, demographics by age and dare i say sex, actual questions etc. I suppose you need to see the actual BSA's Property Tracker survey for full details. I just took a look
http://www.bsa.org.uk/mediacentre/press/goodtimetobuy.htm
All figures are from YouGov plc. Total sample size was 1,987 adults. Fieldwork was undertaken between 5-9 June 2008. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
5. pelethar said...
I think the real story here is that over half the population of the country are saying that it's a bad time to buy property, and a further quarter are unsure. Even six months ago I bet 80% would have said buy buy buy.
6. hpwatcher said...
if someone gave me the money i would consider buying anything........
access to money is the whole point. in any event, it will take the banks years to repair themselves
7. The Baldman said...
Would you like to buy a porche low interest rates and no account taken of what you earn?
8. jack c said...
I've just posted this up as a fresh article - "LONDON (Reuters) - Mortgage approvals fell at their sharpest annual pace in at least a decade to hit a record low in May, a survey showed on Tuesday, raising fears the housing market slowdown could turn into a crash"
Now is not the time to buy (Lottery winners included)
9. wdbeast said...
I think there is an interesting difference to previous housing slumps/correction/crashes.
The media, led by the internet, is getting the message out very quickly and although these figures show that there is still an ill-informed 27% of people who would buy a house if they could, they can’t because of the credit crisis.
The net effect has to be that the crash is going to be accelerated, we would normally get a “dead cat bounce” in a few months, but that cannot happen, these 27% are the ones who normally cause it.
We may well find the bottom of this crash is very deep, and quickly reached.
10. inbreda said...
8. wdbeast said...
We may well find the bottom of this crash is very deep, and quickly reached.
Well, I hope so because I have been waiting long enough alreadY!!
11. confused76 said...
''However, a not inconsiderable 27 per cent – that's just over one in four – failed to be discouraged by gloomy forecasts and prophecies of interest rate rises and a general recession.''
AH HAHHA HHA HH HAHAHH HAH HA HAHHA HAHAHAHAHH
12. shipbuilder said...
To play devil’s advocate for a second, there will always be people (I know a few), buying because they are moving jobs, having kids, or simply want to move. The ones I know are well aware of the state of the market, but are moving up the ladder, so the difference between moving now and moving in , say, 2 years time is likely to be about £10K to £20K. The point is, in NI, with the equity in their current house that they can easily afford the payments either way and are prepared to ‘pay’ to move now.
As one said to me, mortgages are getting worse, and I could buy a car and lose £10K in a matter of months – what’s the difference? A fair point, I thought, although I wouldn’t buy the car either.
13. Fingerbob69 said...
Good point well wdbeast
I'd like to agree with shipbuilder. In the early nineties, people still brought and sold. However the difference this time, speaking a small independant estate agent, is that market has just stopped. No one is buying so no one is selling. It is something not seen before.
14. str 2007 said...
Shipbuilder
I know a few movers aswell.
I still maintain the wives are the motivated movers currently - followed by husbands who daren't argue.
I think the gap will close considerably for anyone moving up the ladder, but concur someone who can sell a 150k house/flat now whilst maintaining say 50k equity maybe in a better position to buy a 250k house now (as they have a 20% deposit, than try to buy a 175k house in 2 years with no deposit.
Clearly the best option is to sell the 150k house now, bank the 50k deposit , rent and buy the now 250k house for 175k in 2 years time. Effectively reducing the mortgage by 75k.
But then there's the wife thing.
15. crash bandicoot said...
shipbuilder, the trading up types are in the position where they need to sell their current house - probably to a first time buyer. So even if they are fully prepared to take a £10-20k hit, they are unable to move anyway because the FTB's are holding off buying. The number of times that I have seen sold boards coming down on the trade-up properties near me, to be replaced with for sale ones again is quite encouraging.
The second thing is that I'm sure I've seen some analysis (possibly on the homepage somewhere) showing that the cost of trading up is actually higher in percentage terms than buying a new (FTB) house. The traders stand to loose more in the long run.
16. Claird said...
@ 14 str 2007
Misogynist tripe.