‘Property is still a winning bet despite the rate rises’
Despite recent interest rate rises, and the prospect of more to come according to 93% of people surveyed, 71% still think property represents a sound investment for the future, according to a study undertaken by property investment consultancy Property for Life.
Only 6% of those surveyed reckoned there would be a fall in property prices, despite the probable interest rate rise later in the week, with 20% predicting the market will level out and 74% seeing potential for even more growth.
Property for Life managing director David Austin said: “The results of this survey prove what we have all known for a long time – there is no better investment opportunity for the majority of people than property.
“Interest rates have risen steadily since mid-2005 but, despite further predicted rises, the residential housing market shows no signs of contracting.
“The average house price in April 2007 was around £180,300, up from £162,000 a year ago and this survey shows that the general public still believes there is room for further growth.”
He continued: “Property is quite simply an unmatched investment in terms of both the returns on offer and relative security. More and more people are realising the long-term benefits that can be accrued from property investment, and this is demonstrated in the bullish outlook the UK public currently has on the UK property market.”