Building Societies Association
Feature
Election Uncertainty Sees Confidence Fragile Amongst Homebuyers
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Contact: Paul Broadhead Date: 12 May 2010 |
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Confidence in the housing market remained fragile over the first three months of the year according to BSA’s Property Tracker survey which found buyers were confident that property prices would continue to grow but less certain whether now represents a good time to buy property.
Only 48% of respondents believed that now was a good time to buy property. This compared to 58% in December 2009, and was the first time since December 2008 that the proportion of people who felt that it was a good time to buy had fallen below half.
It is likely that this uncertainty to buy was attributable to both the end of the temporary stamp duty holiday at the end of last year and the uncertainty surrounding the general election.
The survey also found that, perhaps unsurprisingly, job security remains one of the biggest barriers to property purchase amongst respondents. Prospective buyers will no doubt be looking for evidence that the new government can deliver stable and sustainable economic recovery to return confidence to the labour markets.
The next Property Tracker, published on June 15th, will give an early indication of the election on housing market sentiment and if the new Government has been able to restore buyers confidence or not.
The Property Tracker survey can be found at the link below -
