House buyer barometer ignores stormy conditions

Over a quarter of Brits say that the credit crunch has made no difference to how they view the property market.

A nationwide survey, commissioned by the UK’s largest independent house-builder, Miller Homes, polled over five thousand new and potential home-buyers to gauge their confidence in the property market.

Half say they are more cautious about debt but just 17 per cent say they are prepared to accept an inferior home to get into less debt.

Nearly six per cent of the population are still willing to borrow the maximum amount possible to get the home of their dreams.

Over a third of Brits say they are planning to move home within three years – most to get more space (60 per cent) with just eight per cent putting the move down to necessity of work relocation. And location isn’t everything – 29 per cent of us would move to get a bigger garden but just 24 per cent to live in a better neighbourhood.

Sue Warwick, national sales and marketing director for Miller Homes, who commissioned the survey, said: “The results of our survey show that, despite endless negative reports about the property market – people still want to move and remain relatively unaffected by harsh headlines and horror stories about the fall of the property market.”

Brits also still believe property to be the soundest long term financial investment in the UK, with over half saying that it is where they would choose to put their money over ISAs (25 per cent), stocks and shares (16 per cent) and bonds (nine per cent).

Despite the optimism uncovered in Miller Homes’ buyer barometer survey, fears over mortgage lending and gathering enough deposit still concern new buyers. Around 36 per cent of first time buyers stated that the recession had rendered them less likely to purchase a new home in the current climate – with 18 per cent blaming Gordon Brown for their situation.

Sue continues: “This is further evidence that the banks simply have to ease their overly strict lending criteria to help further time buyers achieve property dreams. As the saying goes, a Brit’s home is his castle and with an overwhelming number people in our poll still placing their faith in property ownership as a sound investment, it is important that everyone who wishes to buy, can do so.”

Important results that the Survey discovered for the North West:

- 28 per cent of people surveyed in the North West are currently looking to move house
- 55 per cent of those looking to move in the region want a bigger house/ more space
- 73 per cent of home owners in the North West do not think they are in negative equity
- 51 per cent of people surveyed in the North West are more cautious about debt following the credit crunch
- 30 per cent of people surveyed in the North West considered that Eco features are important elements of a well designed home. This was percentage in the pole (Northern Ireland 35 per cent)
- 66 per cent of people in the North West believe that new homes are cheaper to maintain, with 72 per cent believing that new homes are more environmentally friendly.

TV property expert, Jenny Powell, said of the findings: “There is still a real appetite for people to buy new homes and in my view, bricks and mortar is still the safest long-term investment by far. The survey results echo this, proving that people still have faith in property as a sound investment and the best place to put their money. I think that buyers will welcome this positive news – it feels good to know that it’s not all doom and gloom out there.”