Fall in house price tempts buyers
January 10, 2008 by admin
Filed under News, News-Mortgages
One in ten people who intend to buy a house have brought their plans forward due to the recent price falls in the market, according to new research. 
A survey by personal finance information providers Fool.co.uk has shown that 11 per cent of potential home buyers have accelerated their plans.
Out of those respondents, 38 per cent expect to move this year and one in three believe they will change their property in 2009.
David Kuo, Head of Personal Finance at Fool.co.uk, said: “The long-overdue correction in the property market will allow many people who have been waiting to move house to finally realize their dream.”
However he added that many buyers often approach the financial thinking behind purchasing a home in the wrong order.
“Quite often people will ask how much they can borrow when they want to buy a property. But that is altogether the wrong question. Instead, they should ask themselves how much they can afford to repay,” he said.
Fool.co.uk revealed that over a third of Brits spent New Year in their homes to save money.
