Despite uncertainty over house prices, and with some commentators predicting that mortgage lending may fall to its lowest level for 30 years next year, a substantial majority of consumers think that 2011 may be the ideal time to buy, according to a recent survey by the Building Societies Association (BSA)*.
Some people may have concerns that a fall in the value of their property due to the recession makes it unwise to purchase a new property now.
However, any property purchased now is likely to cost substantially less than at the peak of the market, and so there are most definitely good deals to be had, particularly if you are trading up. In fact, there might never be a better opportunity to do so!
The December 2010 edition of the BSA's Property Tracker survey showed that most people (59%) believe that the best time to buy property is within the next 12 months, and a further 11% would buy in 2012.
Commenting on the results, Paul Broadhead, Head of Mortgage Policy at the BSA said,
"Although the housing market remains uncertain, the public do not expect house prices to fall as dramatically as they did two years ago. As such, many expect that the best time to enter the market will be in the next year or so”.
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*Source: www.bsa.org.uk
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