Property prices will rise by an average of 1.4% over the next year according to the BSA's Property Tracker survey, as cautious optimism returns to the housing market.
The survey found that respondents’ average prediction for house price changes over the next year was for a 1.4% rise. This represents a fundamental change when compared to a 6.1% fall in March and a 7.1% fall forecast in June 2008.
This positive message is reinforced by the survey finding that yet again, an increased proportion of people believe that now is a good time to buy. 59% of people agree or tend to agree that now is a good time to buy, compared to 54% in March and just 27% in June 2008.
Commenting on the survey's findings, Paul Broadhead, head of mortgage policy at the BSA said: “There have been a number of encouraging signs that the worst of the property crash has passed recently and the Property Tracker shows that people think both that property prices will now rise and that now is a good time to buy. However, improving job security will be key to any substantial recovery of the housing market.
“People clearly recognise that with both property prices and mortgage rates having fallen, there are potential bargains to be found meaning that now is a good time to buy."
Source: Mortgage Introducer
Disclaimer
These particulars are intended only as general guidance. The Company therefore gives notice that none of the material issued or visual depictions of any kind made on behalf of the Company can be relied upon as accurately describing any of the Specified Matters prescribed by any Order made under the Property Misdescriptions Act 1991. Nor do they constitute a contract, part of a contract or a warranty.
