Property purchase 'should be based on lifestyle'

22-Apr-2008

People should buy property "based on their lifestyle needs" rather than primarily as an investment, an expert has said.

Property market information website Mouseprice has said that such a purchase should not immediately be viewed as an asset and that it ought to be considered a home above all else.

However, the group advised buyers to exercise caution when borrowing large amounts of money for a mortgage in the coming months, due to the implications of the credit crunch.

Commenting on the issue, Jonathan Upton, business development director at Mouseprice, said: "As a general rule, the British obsession with properties and investment is often counter-productive and people really should buy based on their lifestyle needs.

"If they fall in love with a property and it's within their price range then they should buy it, it shouldn't be seen primarily as an asset, it's first and foremost a home."

According to a recent report by Fool.co.uk, 23 per cent of 24 to 34 year olds are worried about acquiring negative equity

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