Property prices expected to rise 1.4% this year

Published ¤ 19/06/2009

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Property prices are expected to rise by an average of 1.4 per cent over the next year, according to the latest Building Societies Association (BSA) property tracker survey.

The survey found that cautious optimism has returned to the housing market, as respondents predicted a 6.1 per cent fall in prices in the March survey and forecast a 7.1 per cent fall in June 2008.
The latest study also found that an increased proportion of people also now believe that it is a good time to buy.
Fifty-nine per cent of people agree or tend to agree that now is a good time to buy, compared to 54 per cent in March and just 27 per cent in June 2008.
But a lack of job security remains the greatest barrier to property purchase, being selected by 61 per cent of respondents - the same proportion as in March.
Paul Broadhead, head of mortgage policy at the BSA, said: "People clearly recognise that with both property prices and mortgage rates having fallen, there are potential bargains to be found meaning that now is a good time to buy.
"However, for many, concerns over job security mean that they are unlikely to actually go ahead and buy. They will need to see confidence in the jobs market return before they make their move in the property market."
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