Homebuyers more confident
Despite over half (51%) of people saying that house prices wouldn’t recover until late 2010 onwards back in January 2009, nearly a third (29%) of Brits now say that house prices are starting to rise and 18% say that they have reached their lowest level.
When it comes to prospective first time buyers, nearly a third (31%) are holding off buying their first property as they try and save a big enough deposit and one in ten (10%) are waiting until they have greater job security.
However, with people believing house prices have reached their bottom levels they have become less optimistic about negotiating the value of a potential property. 22% of people now think that you may be able to negotiate the value of a property by 15% of the asking price compared to nearly a third (30%) who thought you would be able to negotiate the value of a property by that amount in January 2009.
On average consumers currently believe they can negotiate the value of a property down by 11% of its original asking price, reduced from the average of 15% in January 2009.
Karen Barrett, chief executive of Unbiased.co.uk, said: “The last year has seen a real shift in the attitudes of consumers towards buying a house. No longer are potential homebuyers biding their time until house prices have fallen. They are now looking to buy and gathering the means to do so. Despite strict lending criteria and the prospect of increasing house prices, people are also still prepared to negotiate the value of their home down from the asking price although their expectations may be slightly lower.
“With interest rates holding at an all time low consumers are seeing the importance of getting the right mortgage now more than ever. Those buying a new property, but also those looking to remortgage, will benefit from seeking professional advice on the whole of the mortgage market to get the best mortgage deal for their circumstances.”