Continued confidence in housing market
- 20th September 2007
- Buying Property News
Our home is our castle is confirmed by a recent report from the British Societies Association into the UK’s attitude to home ownership.
The BSA report revealed that the public’s attitude towards the housing market remains confident, and maintained that the main reason for buying a property was to make it their home. Three quarters of people interviewed wanted to buy a property to live in while over 80% of people said their motivation was home ownership. Only 45% believed that making money from their property investment was an important aspect of purchase.
Adrian Coles, Director General of the BSA, says: “Growth in residential property prices has largely been due to a wide selection of factors including low interest rates, lack of suitable housing stock, a buoyant economy and the ingrained desire in the British psyche to own property.”
The public still remain confident that house prices will rise over the next 12 months with over 60% predicting a rise of between 3-5%.
Mr Coles continued: “Consumers have a realistic view of the property market and house price expectations have not fuelled a price boom. For most, the primary motivation for buying a property is derived from the satisfaction of owning a home, rather than the financial motivations of capital appreciation.”
Growth in residential property prices has largely been due to...the ingrained desire in the British psyche to own property.
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