Homebuyers 'staying put' until uncertainty ends

12-Jun-2008

A large proportion of homebuyers are "waiting to see what happens" in the market before they make a move, according to Abbey Mortgages.

New research from the lender indicates that people wanting to purchase a property will hold out for an average of 7.5 months before putting in an offer.

Over two million individuals are expected to take advantage of falling house prices, although there is apparently still an abundance of "uncertainty and indecision" to be found among homeowners.

"For some people, a falling house price environment is not necessarily bad news," said Phil Cliff, director of Abbey Mortgages.

"While the majority of homeowners are planning to stay put and wait for the current volatility to end, two million think that house price falls are a good reason to move," he continued.

Mr Cliff emphasised that professional advice is essential for anyone considering purchasing property in the current economic climate, whether they are buying with friends or seeking to achieve their own low-cost home ownership.

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