Brits begin eyeing market for purchases

Posted: 06 Feb 2009 08:35:40 GMT

The majority of Brits surveyed by property website Rightmove.co.uk said that they view falling house prices not as a threat to their financial security but as an opportunity to buy.

Research from Rightmove.co.uk published yesterday (February 5th) showed that not only do most Brits see opportunity in the current market but that almost half were planning on buying as a result of the lower prices.

Miles Shipside, commercial director at Rightmove.co.uk, said: "With interest rates at historic lows and set to fall further, and property deals available at around 25 per cent below peak boom prices, buying has got a whole lot cheaper.

"Other assets now seem a lot less solid than bricks and mortar, so the time-to-buy pendulum is swinging from negative to positive."

Although house prices are down by as much as 16 per cent since their peak, the cost of a deposit remains extraordinarily high, and first-time buyers are likely to struggle to save for a deposit.

Buying a property online, however, could offer savings for buyers as it could bypass the need to use an expensive estate agent.



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