Britons still have confidence in property sector

The "ingrained desire" to own a home and the belief that house prices will rise in the long-term, if not for the rest of this year, means that Britons still have faith in the property market, it has been revealed.

Research conducted by Ipsos MORI on behalf of the Building Societies Association (BSA) has revealed that 89 per cent of homeowners believe that prices will ultimately rise, even if 71 per cent do believe that a short-term drop could well take place this year.

Making money from property was viewed as a motivating factor by 45 per cent of respondents, though 88 per cent said that the basic desire for homeownership was the driving factor behind their property purchase.

"The findings suggest that households' confidence in the housing market is robust and points to the stability of the market if house prices were to fall," advised BSA director general Adrian Coles.

"For most, the primary motivation for buying a property is derived from the satisfaction of owning a home, rather than the financial motivations of capital appreciation," Mr Coles added.

The price of the average home is now on the verge of £200,000 for the first time, Halifax reported earlier this month.


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