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BSA: Britons divided over wisdom of property purchases
23 June 2008 10:30
Many Britons still see property as a good investment despite uncertainties over housing, mortgages and the economy, according to a new Building Societies' Association (BSA) poll.
Although one in three people tended to disagree that this is a good time to buy a home and almost one in five disagreed strongly, over one in four still felt that, to some extent, purchasing property is still a good idea in the current economic climate.
The most commonly identified barrier to buying a house was mortgage repayments, which seven out of ten respondents mentioned, while almost half also cited mortgage accessibility, raising a deposit and the threat of future house price falls.
By contrast, economic factors seemed to have only a negligible impact among potential property buyers, with only one in eight naming job insecurity as an obstacle to buying a home, compared to one in six who found stamp duty costs off-putting.
Commenting on these findings, BSA director general Adrian Coles said the emphasis placed on mortgage repayments highlights how stretched household finances are, as well as reflecting the impact that the increased price of risk has had on mortgage rates.
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