House buyers are said to be “upbeat” about their prospects of purchasing a property this year, according to research carried out by Santander Mortgages.
Director of Santander Mortgages, Phil Cliff, commented:
"Given the tough economic climate people are becoming more upbeat about their prospects of purchasing a new home this year. It’s been a tough few years for the property market overall, but prices have made a steady recovery so there’s every reason to feel cautiously optimistic. There are however, still a number of obstacles out there facing potential buyers, including securing the required funds, which is why the need to look around for the best deals and get some sound advice in terms of properties and mortgages is now greater than ever”.
Over 3 million Brits, 8 per cent, say that they are likely to purchase a new home this year. This, coupled with the latest upbeat data from the Council of Mortgage Lenders, could be great news for the housing market.
Over half of potential buyers say that overall they are more positive about their chance of purchasing property in 2012, with only 15 per cent feeling negative.
For those who felt that buying a new home this year was unlikely 22 per cent cited lack of funds for a deposit as their biggest obstacle, with 9 per cent unable to secure a mortgage.
By region, confidence in property purchase for 2012 remains highest in London, with 13 per cent of adults believing that they will successfully purchase a property. The lowest figures are in the East of England with only 4 per cent believing they will purchase a property.
Santander’s research also shows that whilst some home owners are fairly optimistic about an increase in the value of their property over the next year one in two home owners believe that prices will remain static.
Cliff added:
"At Santander we continue to support the market with our comprehensive range of competitively priced mortgages, available up to 90% LTV, which now also includes a range of buy-to-let deals available through intermediaries. In addition, all our new mortgages have a Homebuyer Solutions package (free valuation and £250 cashback) available, which helps customers with the up front costs of moving”.
Does this mean that conveyancers will be looking at a brighter 2012?
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