Housing Market Confidence is Still Fragile

The Building Societies Association (BSA) has revealed that consumer confidence in the housing market hasn’t fully recovered since June’s General Election.

Their recent research found that over a quarter of respondents (27%) do not agree that now is a good time to  buy a property compared to just 23% who do.

Although the political environment has stabilised a bit since June, confidence in the property market continues to be affected by a number of factors. 68% of those interviewed said that raising a deposit remained the biggest barrier to purchasing a property with 45% saying that being able to afford the mortgage repayments was a problem. Another particular concern for home movers is stamp duty costs which prevent those who want to move up the property ladder from doing so thus limiting the stock of housing for those looking to make their first purchase.

Paul Broadhead, Head of Mortgage policy at the BSA commented:

“Consumers were faced with political uncertainty following the vote to leave the EU and unexpected General Election results, and now the rising cost of living is their latest challenge.”

“It is evident that home- movers are facing the same affordability pressures as first time buyers, meaning some homeowners are unable to sell their property-further reducing choice and pushing up prices for those just getting on to the housing ladder” he added.

If you are looking to buy or sell a property please contact me Elizabeth Baker on 0141 552 3422 or by email eb@mitchells-roberton.co.uk

This entry was posted in Legal by Elizabeth Baker. Bookmark the permalink.

About Elizabeth Baker

Elizabeth is our Business Development Manager. She has a degree in both English Literature and Law from Glasgow University. After graduating in 1983 she served her traineeship as a solicitor in Oban. When she was admitted as a solicitor her first job was at Mitchells Roberton in 1985 so she is a well known face. She spread her wings and joined other firms along the way and had a successful law practice under her own name for some years. She returned to Mitchells Roberton in 2011 and works primarily to enhance the marketing of our firm. With her excellent links with small business and the media in the greater Glasgow area, she is well placed in the role and generates a good deal of referrals and new business. Elizabeth is a people person and naturally connects with both staff and clients. Elizabeth has two grown up children and loves walking her dog, travelling and reading literature.

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