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Mortgage boost improves property confidence

Mortgage boost improves property confidence

Category: Mortgages

Updated: 16/09/2009
First Published: 16/09/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A perceived increase in the availability of mortgages has seen cautious optimism continue in the property market.

According to research from the Building Societies Association (BSA), access to a mortgage was now considered to be a barrier to buying a home by just 49% of people, compared with 58% six months earlier.

Meanwhile, 58% of respondents agreed that now is a good time to buy residential property, with only 19% disagreeing. At the same time last year, only 34% of respondents agreed and 48% disagreed.

However, concerns over a lack of job security still remain, with 58% of people confirming this was putting them off purchasing.

With official figures revealing that unemployment has reached a 14 year high, it is also anticipated to be a problem that will persist for the foreseeable future.

"It is clear that home buyers are increasingly viewing the property market in a positive light as confidence increases in the market," said Paul Broadhead, BSA head of mortgage policy.

"With mortgage availability perceived to be increasing, prospective buyers are more confident of securing funding to purchase a property. However, buyers are clearly treading with care, and worries over job security continue to deter many from buying."

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