House prices mean buyers see property as a home

Posted 11/09/2011

Buyers see property as more of a home than a way to a quick profit due to current house prices, it has been claimed.

According to a report by Ross Bowen, group mortgage director at Connells, the availability of mortgage finance is higher at the moment, which is encouraging people to get on to the housing ladder.

Writing for Mortgage Strategy, he explained that the security of owning a property rather than renting is persuading people to try to buy a home.

Mr Bowen pointed out that it is not possible to get this when renewing a contract on a rented abode every few months, as the stability of the home is due to the landlord’s decision whether or not they want to try and sell the property.

According to the latest figures from Nationwide, house prices fell by 0.6 per cent during August 2011, with chief economist Robert Gardner noting a “sluggish” demand for properties at the moment.