Next Year Best Time for Home Buying-Shows BSA Survey

According to a recent survey done by the Building Societies Association (BSA), 2011 will be the best time for buying a home. About 59% of the 2,047 consumers surveyed told that they would buy property within the next year.

A third of the people surveyed viewed that the house prices would rise next year but another 36% told that it would fall during next year.

The fact is that many of the first time buyers and some of those who currently own a home do not have sufficient financial assets to buy a property.

Meanwhile the Royal Institution of Chartered Surveyor’s survey showed a sixth monthly consecutive fall in buyer enquiries in November. According to the department of communities and local government the house prices fell by 0.1% in October.

The Council of Mortgage Lenders (CML) said that net lending was expected to total £6bn next year down from an estimated £9bn this year.

Mr. Paul Broadhead, BSA spokesman said that worries persist about job security, the ability to raise a deposit and difficulties in obtaining a mortgage and therefore these factors will determine the house price variations.

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