One in four think now is good time to buy

A new survey has revealed that one-in-four people still think that it is a good time to buy property, despite the current credit crisis.

The report, conducted by the Building Societies Association (BSA), revealed that 27 per cent of consumers agreed to some extent that they would still buy property in the UK.

The 51 per cent of people surveyed who did not think it was a good time to buy property, cited being able to afford monthly mortgage payments as the biggest impediment to a purchase.

Adrian Coles, director general of the BSA, said: "People often view property buyers as a single group.

"However, the Property Tracker survey shows that is not the case; more than one in four people believe the opposite."

Further research, conducted this week by the life insurer Zurich, also revealed consumer confidence in the housing market; it found that 52 per cent of consumers would consider financing a mortgage in spite of the current financial climate.

Mortgages News posted on 20/06/2008 16:28:36