More than half of the population currently believe that the time to buy a house is now. This comes as reports are coming in saying that the housing market is coming back to a degree of stabilisation.
The Building Societies Association state that 58% of people in the UK agree about now being the time to buy property. Only 19% of people as cautious about this matter. There are more mortgages becoming available which has contributed to this confidence boost in the market. There are also more people looking to purchase investment property in this current climate.
It is expected over the next year that house prices will rise by around 1.6% on average. 61% of people are looking to see house prices increase in the next 12 months.
These findings are much different from last September when the predictions were very negative. Only 34% at the time believed then was a good time to buy.
The biggest obstacle in buying a home is securing a mortgage. 49% of people are still finding that mortgage availability is the biggest issue, followed by job security issues.
The lack of job security was a big factor for buyers not moving forward and buying a property, 58% of people say this is why they are hanging back. 52% said that raising a large enough deposit was the major barrier.