Fewer consumers believe now it’s time for property purchases

The study by the Building Societies Association (BSA) has demonstrated that just 45% of British people think that now is the right time for property purchases, which is the decrease from 49% in March 2010.
The BSA stated that, in all probability, the growing negative opinion is the result of wider concerns of consumers about the economy on the whole and the warning about the austerity measure from the side of the coalition Government.

55% of the respondents are still convinced that the major hindrance to buying property now is the lack of job security,  whereas 53% mentioned their ability to save for a deposit.

What is more, consumers in the UK do not think that the Government would introduce some solutions in order to promote home ownership, but many believe that a variety of measures could be taken.

The most frequently cited measure was putting the clamps on properties standing empty (36%), Stamp Duty cuts (33%), more lending from banks and building societies (32%), assistance in saving for a deposit (28%) and facilitating the property buying procedure (27%).

According to the comments of Paul Broadhead, of BSA, the Government has promised to help people become homeowners and the study by BSA has revealed that consumers do believe a range of measures would be taken by the Government to let more people enter the UK homebuying market.
 


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