Economic concerns 'are not undermining the housing market'

The majority of people might think that buying a house in the UK at the present time would not be a good idea, but a significant number believe conditions are favourable, it has been revealed.

A poll conducted by the Building Societies Association (BSA) shows 27 per cent of people think it is a good time to buy property in the UK, while 51 per cent think it is a bad idea.

This shows that the doom and gloom of many housing market commentators is being slightly overplayed.

"People often view property buyers as a single group. However, the Property Tracker survey shows that 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," commented Adrian Coles, director general of the BSA.

"A significant proportion of respondents said that expected future falls in property prices are a reason not to buy. However, the fact that a lack of job security was relatively unimportant in preventing property purchase suggests that concerns about the wider economy are not currently undermining the housing market," he added.

While entering the property market will always involve an element of risk, one thing that shouldn't be gambled on is home insurance - especially in an era of flash flooding and inclement weather.

20/06/2008 16:06:01