Now is a good time to make property purchase, say consumers

Posted 17/06/2009

The number of people that believe now is a good time to make a property purchase is increasing, a new poll has found.

According to the Building Societies Association (BSA), 59 per cent of people think it could be an ideal moment to invest in a residence.

This represents a considerable increase on this time last year, when just 27 per cent said it would be a good time to buy a house.

The organisation attributed the upturn in confidence to factors such as low property prices and mortgage rates, as this means cash-ready buyers could snap up a potential bargain.

Paul Broadhead, head of mortgage policy at the BSA, described this as an encouraging sign that the worst of the housing slump may have passed.

However, he said a recovery in the market would be dependent on factors such as unemployment, which this week reached its highest level in 12 years.

“Improving job security will be key to any substantial recovery,” Mr Broadhead commented.