Non-homeowners 'gravitating away' from property buying
News Category: Industry News
Published: 27-May-2009
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The continuing low confidence in the UK property market is causing many non-homeowners to move away from the house purchasing market altogether, according to new research.
Statistics from PropertyLive suggest that 65 per cent of non-homeowners now believe that they will never own a property, with a further 14 per cent expecting to wait up to five years in order to secure a mortgage.
Though prospective homeowners appear to be finding the cost of entering the housing market to be prohibitively expensive, there remains evidence of opportunities for landlords looking to expand their portfolios.
Recent Nationwide research suggests that residential property prices have fallen by 15 per cent in the last 12 months, whiles Halifax has stated that housing is now at its most affordable since 2003.
Jane Marr, of private property advertiser the Little Housing Company, said the current lack of confidence among buyers is largely media-influenced, and that "those with a keen eye on bargains are finding them right now".
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