UK ‘confident’ in property market

The attitudes of the UK public to the homeownership reveal a strong seated confidence in the property market, a new report from the Building Societies Association (BSA) has shown.

The research indicated that 88 per cent of all home purchases are made primarily for living improvements rather than for capital gains.

It was also revealed that as many as 71 per cent of homeowners accept that prices could begin to fall this year, but that less than two per cent would feel compelled to immediately sell up in the event that this happened.

Adrian Coles, director general of the BSA, said: “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.

“Some commentators have cautioned that the market may be over reliant on consumer’s expectations that prices will continue to rise. However our report puts paid to these fears. Consumers have a realistic view of the property market.”

Last month, a report from the BSA argued that building societies offer higher levels of customer satisfaction than other financial institutions.

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