Tuesday, June 24, 2008
25% of people would but now if they could get a mortgage
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.