6 Jun

Poll predicts fewer moves

Poll predicts fewer moves

Britons are hesitating before buying property in 2008, according to a new survey.

The study by myfinances.co.uk reveals two-thirds of people have opted out of buying a house in the next 12 months as property prices tumble and the mortgage market continues to shrink.

Of prospective first-time buyers, less than six per cent said they would buy before summer 2009, while just over one in ten said they were still undecided.

Confidence was slightly higher among current homeowners with only 42 per cent categorically ruling out a move this year.

However, the vast majority agreed their houses were rapidly devaluing, with only six per cent believing prices could hold steady. Of the less optimistic majority, 24 per cent expected property values to fall between ten and 15 per cent in the next 12 months.

May's Halifax house price index showed property prices had fallen 2.4 per cent since April and 3.8 per cent on an annual basis.
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