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Prices set to rise, but house hunters uncertain about buying
17/03/10
Edited by Tom Bardsley. Confidence in the residential property market "remains fragile" and house hunters are uncertain about buying, despite expectations that valuations will rise, the Building Societies Association has claimed.
Figures from its latest Property Tracker survey show that Britons believe the cost of a home will climb by 2.2 per cent over the next 12 months.
Yet only 49 per cent of the 2,200 people questioned said that now is a good time to buy.
This is first time the figure has been under 50 per cent since December 2008, the BSA noted.
Paul Broadhead, the organisation's head of mortgage policy, said that the uncertainty in the property market is "no surprise" given the end of the stamp duty holiday for homes worth £125,000 to £175,000 and the upcoming Budget and general election.
"Once the election is over and people are more confident about the economic outlook, we hope that buyers will return to the market," he commented.
The average UK house price stood at £161,320 in February, according to Nationwide.
