Property Market Future Brighter for Buyers
A survey by Fool.co.uk shows nearly 1 out of 10 potential home buyers are moving their plans to purchase a house forward – with current housing prices being lower and thus, a good time to take advantage of purchasing power. Fool.co.uk is a company looking to assist people with finding the best financial solutions for their needs and guiding buyers on how to be smart about their money.
Over the next two years, the survey shows 38% of people currently planning to buy houses want to secure the deal this year and another 34% plan on purchasing their home in 2009.
David Kuo, head of personal finance at Fool.co.uk, said, “The long-overdue correction in the property market will allow many people who have been waiting to move house to finally realise their dream. Quite often people will ask how much they can borrow when they want to buy a property. But that is altogether the wrong question. Instead, they should ask themselves how much they can afford to repay.”
It is expected that sellers will outnumber buyers for the next five years, with only four home buyers to every five sellers, according to the survey. Under such conditions, home buyers could realize some great savings overall, if they shop carefully to procure the best home and financial products available to them.