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Confidence high that slump end is nigh

Confidence high that slump end is nigh

Category: Mortgages

Updated: 14/05/2009
First Published: 14/05/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Consumers are feeling increasingly confident that the housing slump is almost over.

Research from Rightmove covering the first three months of the year has found six in ten potential home movers now expect house prices to either remain the same or increase over the next 12 months.

Just three months previously, seven in ten respondents said they expected prices to fall further in that time. Meanwhile, recognising that market conditions have created an opportunity to take advantage of low prices, 71% believe now is a good time to buy compared to just 65% three months ago.

However, despite the heightened positivity, it is likely some potential buyers will inevitably be held back by the lack of a suitable mortgage.

"Property deals are available to those with cash or a decent deposit," said Miles Shipside, Rightmove's commercial director. "It's the perfect time to trade up, if possible, as the gaps between the rungs of the housing ladder are closer together.

"We hear stories of some canny buyers jumping up two or three rungs whilst they have the opportunity to. These buyers are thinking long term and are making a judgement that these deals won't be around forever."

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