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Only 2% predict property bubble

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Only 2% predict property bubble

Study reveals only 2 per cent of those surveyed believe their local property market was overheating. Recovering and stable were the most frequent adjectives for the market.

The Building Societies Association’s (BSA) study revealed that most believe their local property market was stable or recovering. A mere 7 per cent think the housing market in London is overheating the highest percentage in the UK.

The figures were revealed in the quarterly Property Tracker survey by market researcher Canadean Consumer on behalf of the BSA.  The data was collected from 2000 adults between 30th August and 2nd of September via an online survey.

BSA Director-General, Adrian Coles says these results confirm the recent discussion on market recovery. He said: “At the moment, sentiment across the UK, particularly in markets outside London, is increasingly positive but still cautious. The hope is that the mix of consumer-sentiment, additional house-building, mortgage availability and government intervention will lead to an improved but stable market.”

However, He added:“it would be wrong to take any steps at this point that might damage the recovery in its early stages.”

Sixty per cent of the surveyed predict property prices will rise in a year. The majority think they will increase by 2 per cent but less than 5 per cent.

This survey saw the highest percentage of ‘don’t knows’ to predictions on property prices for four years.

Behind raising deposit funds, 39 per cent of consumers surveyed believe lack of access to a mortgage is a significant obstacle in purchasing residential properties. 

Despite this there has been a slight increase in agreement that now is a good time to buy a residential house in the UK.

The Building Societies Association covers the UK’s mutual lenders, deposit takers and building societies. The group holds 20 per cent of the UK’s residential mortgages, totalling at £250 million.

By Chanice Henry

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