Brits 'biding their time' before buying

Posted: 16 Apr 2009 12:59:48 GMT

Over four million homeowners considering moving home are now choosing to wait and see how the market shifts before making a purchase, recent research has shown.

Figures published today (April 16th) by First Direct point to a waiting game being played by homeowners looking for the best deals in the property market.

Such a game could prove expensive for homeowners hoping to sell their property now though, although advertising a home online could mean more potential buyers make a bid.

Most buyers waiting for the market to bottom out expect the phenomenon to arrive in 18 months, in October 2010, although a handful (15 per cent) see the market growing in value by the end of the year.

A statement from First Direct shows that there are some geographical discrepancies when looking at the likelihood a homeowner will play the waiting game.

"The highest proportion of house-buyers playing the waiting game live in the capital, with 15 per cent of savvy Londoners delaying house buying decisions," the statement said.

"Women (14 per cent) are twice as likely as men (eight per cent) to wait for falling prices."


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