Falling property prices attracting new buyers

Posted: 18 Feb 2009 08:57:34 GMT

Research from the Royal Institution of Chartered Surveyors (Rics) has found that most buyers interested in purchasing property at present are motivated by the falling house prices seen across England.

Published on Tuesday (February 17th), the research found that 71 per cent of chartered surveyors claimed lower house prices were the prime reason new buyers were registering interest with the estate agents.

Although house prices are particularly low at present, mortgage availability is extremely low also, meaning the number of buyers able to purchase a home may remain low.

Commenting on the recent demand, Simon Rubinsohn, Rics chief economist, said: "Interest from owner occupiers is likely to persist over the comings months as those with large deposits look to capitalise on the drop in house prices.

"However, a sharply deteriorating employment picture may eat away at this improvement in sentiment pushing potential buyers back to the sidelines."

Homeowners trying to sell their own home in order to buy a property could benefit from selling a property online, as more buyers would be able to spot the home, therefore potentially leading to higher bids.



© Houseladder Ltd