Date published: 23/03/2011
Over a quarter of Brits say that the credit crunch has made no difference to how they view the property market.
The survey, commissioned by the nation’s largest independent housebuilder, Miller Homes, polled over five thousand new and potential home buyers to gauge their confidence in the property market.
Half of our survey respondents said that they are more cautious about debt and just 17 per cent said that they would be prepared to accept an inferior home to get into less debt. This shows that at a time when affordability is key, the public believes that excellence really matters, which is in keeping with Miller’s philosophy of providing quality homes, quality service and value for money.
Nearly six per cent of the population are still willing to borrow the maximum amount possible to get the home of their dreams.
Over a third of Brits say they are planning to move home within three years – most to get more space (60 per cent) with just eight per cent putting the move down to necessity of work relocation. And location isn’t everything – 29 per cent of us would move to get a bigger garden but just 24 per cent to live in a better neighbourhood.
Chris Endsor, Chief Executive of Miller Homes, who commissioned the survey, said: “The results of our survey show that, despite endless negative reports about the property market – people still want to move and remain relatively unaffected by harsh headlines and horror stories about the fall of the property market.”
Brits also still believe property to be the soundest long term financial investment in the UK, with over half saying that it is where they would choose to put their money over ISAs (25 per cent), stocks and shares (16 per cent) and bonds (nine per cent).
TV property expert, Jenny Powell, said of the findings: “There is still a real appetite for people to buy new homes and in my view, bricks and mortar is still the safest long-term investment by far. The survey results echo this, proving that people still have faith in property as a sound investment and the best place to put their money. I think that buyers will welcome this positive news – it feels good to know that it’s not all doom and gloom out there.”
But despite the optimism uncovered in Miller Homes’ buyer barometer survey, fears over mortgage lending and gathering enough deposit still concern new buyers. Around 36 per cent of first time buyers stated that the recession had rendered them less likely to purchase a new home in the current climate – with 18 per cent blaming Gordon Brown for their situation.
Chris continues: “This is further evidence that the banks simply have to ease their overly strict lending criteria to help further time buyers achieve property dreams. As the saying goes, a Brit’s home is his Castle and with an overwhelming number people in our poll still placing their faith in property ownership as a sound investment, it is important that everyone who wishes to buy, can do so.”
Name: Amy O'Toole
Phone: 0121 456 3004