House price drops could benefit over two million homeowners

Posted: 11 Jun 2008 13:10:45 GMT

House price falls could give hope to more than two million homeowners that are planning to move, new research has revealed.

House price falls could give hope to more than two million homeowners that are planning to move, new research has revealed.

Abbey Mortgages polled consumers and found that 1.2 million people plan to trade up their property and hope the current market will allow them to upsize at a "bargain price".

Phil Cliff, director of Abbey Mortgages, commented: "For some people a falling house price environment is not necessarily bad news [and] two million think that house price falls are a good reason to move."

According to Abbey's research, a further 800,000 people plan to sell and move to rented accommodation and 1.1 million want to downsize their home to combat the credit crunch.

For those interested in taking advantage of the current housing market situation Abbey has advised that people consult an expert "as for most people, their house is their largest asset".

Falling prices could also be good news for buy-to-let investors. Michael Morris, manager of ING UK Real Estate Income Trust, said they could provide "a strong opportunity to find good value".

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