Just under 60 per cent of Brits feel that now is a good time to buy property in the United Kingdom, according to a report on myfinances.co.uk. Although there are many reports that the recession is still being felt, confidence has begun to return back to the UK property market.
The 59 per cent who said it was a good time to buy property are a huge increase over June last year, when it was just 27 per cent who felt the same, according to a survey from the Building Societies Association (BSA). The increased confidence can be attributed to the slowing rate of house prices, with 49 per cent predicating that there will be an increase of house prices of 1.4 per cent (on average) in the coming year.
Paul Broadhead, head of mortgage policy at the BSA, said: ?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.
?However, for many, concerns over job security mean that they are unlikely to actually go ahead and buy. They will need to see confidence in the jobs market return before they make their move in the property market.?
What stops many from going through with property purchase is a lack of job security, with 61 per cent admitting this was their biggest worry. Unfortunately, unemployment has continued to rise in May, with figures from the Office for National Statistics (ONS) suggesting 2.26 million are jobless and analysts expect numbers to peak at around three million later in 2009.
