11 Jun

2m plan to take advantage of falling property prices

2m plan to take advantage of falling property prices

Some two million Britons are intending to capitalise on falling property prices by moving home, according to Abbey.

The bank has found that although 3.9 million people are planning to stay put until the market stabilises, others have decided that taking the risk of moving now may pay off.

Of those that are aiming to move, 1.2 million are intending to trade up to a bigger property in the hope of snapping up a bargain.

Meanwhile, 827,000 are selling-up in order to rent, so they can watch the market and wait for prices to fall further before they buy again.

"For some people a falling house price environment is not necessarily bad news. While the majority of homeowners are planning to stay put and wait for the current volatility to end, two million think that house price falls are a good reason to move," Phil Cliff, director of Abbey Mortgages, commented.

Yesterday, the Royal Institution of Chartered Surveyors reported that housing transactions are now at their lowest level since 1978.
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