A quarter of Brits 'think it is a good time to buy a house'

By Jonathan Dawes, Fri 20 Jun 2008 - Published in Mortgages

Despite the credit crunch, 27 per cent of people in the UK believe it is a good time to invest in property, the Building Societies Association (BSA) reports.

Research by the organisation revealed that although 51 per cent would be reluctant to buy a house, a significant proportion of people think the time is right to invest.

A number of reasons were given by respondents who stated they would not be buying a house in the foreseeable future.

Approximately 70 per cent said their number one concern was failing to meet mortgage repayments.

Another 49 per cent did not think they would get large enough loans, while fears about falling property prices were cited by 46 per cent of respondents.

BSA spokesman Adrian Coles said: "People often view property buyers as a single group. However … this is not the case and while most people don't believe now is a good time to buy, more than one in four people believe the opposite."

Elsewhere, Legal & General reported that an increasing proportion of homeowners opted for the security of fixed-rate loans during the last quarter.

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