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UK homeowners bide their time

UK homeowners bide their time

Category: Mortgages

Updated: 17/04/2009
First Published: 17/04/2009

MONEYFACTS ARCHIVE
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Homeowners in the UK are playing a waiting game, keeping an eye on the property market in a bid to cash in on cheaper home ownership before the expected rise in house prices.

New research shows that people are waiting for the right moment to trade up and, as such, are sitting on an estimated savings pot of some £20.2 billion, according to first direct.

These funds are expected to be ploughed into the housing market when consumers feel the time is right.

Spokesperson, Jimmy Kelly, said that homeowners who are contemplating moving up the property ladder would be well served to investigate offset mortgage as a savings option while waiting for the ideal time to invest.

The findings also showed that one in six Britons think house prices will recover and see growth by the end of this year. Conversely, 16 per cent believe steady improvement will not happen until 2012 or later.

Earlier this week, the Royal Institution of Chartered Surveyors said that buyer enthusiasm is showing signs of real momentum following five months of steady increases.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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