First Time Buyer
Coronavirus impacts housing market confidence
More than a quarter of people who felt more pessimistic about prospects for the housing market in March than at the end of last year cited the outbreak of the virus, according to a survey by the Building Society Association (BSA).
However, overall confidence in house price expectations has picked up, with 40 per cent of people expecting values to rise, up from a quarter in December.
The results put sentiment towards the property market in positive territory for the first time in three years, with more people agreeing ‘now is a good time to buy’ compared to those who disagree.
Increased political certainty with Brexit and the General Election result are the main reasons for increased optimism.
Paul Broadhead, BSA head of mortgages and housing, said: “It is encouraging to see housing market sentiment pick up in the first Property Tracker survey of 2020. Here’s hoping the trend continues.
“The polarisation of the nation when it comes to both Brexit and last year’s election means it is hardly surprising that these key events are behind why people think it is a better – or indeed worse – time to buy a property than it was three months ago.
“We will be keeping a weather eye on the impact coronavirus has on the housing market.
“Reassuringly, these results show that, for now, it is a relatively low concern for people in terms of the housing market.
“People who are concerned about the coronavirus and meeting their mortgage repayments are encouraged to speak to their lender.”
Related Posts
There are 0 Comment(s)
Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?
Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...
Is now the time to fix your energy deal?
Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...
Everything you need to know about the pension triple lock
Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts
A number of banks are luring in new student customers with cold hard cash this year – while others are compe...
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Money Tips of the Week
© AE3 Media Ltd, 21 Great Winchester Street, London EC2N 2JA, Company.