Women aren't shaken by falling house prices

Falling house prices have not deterred three out of four people from buying a property, says money website Fool.co.uk. But while men show greater hesitancy to dip their toes in the property market now, women are not put off.

Fearless Females

Women are noticeably braver than men as house prices drop. More than eight out of ten women (81%) will consider buying a house in the current economic downturn. That compares with a third of men (30%) who are reluctant to act at the moment.

The caution shown by men is largely reflected across the country. Buying a property in an uncertain market is tough, and one in four people (26%) want to wait and see before committing themselves.

Gutsy Gaels

However, seven out of eight Scots (84%) and eight out of ten people in Wales (80%) think that market conditions are irrelevant. The same cannot be said of people in the South West, where only two thirds (68%) are tempted to buy in a falling market.

People in the West Midlands are also reluctant to buy right now with almost one in three (30%) happy to sit on the sidelines.

David Kuo, Head of Personal Finance at Fool.co.uk, says: "Nobody wants to lose money, especially when they are buying something as important and expensive as a house.

"But trying to predict the bottom of the property market is a mug's game. It is more important to decide if the house you want to buy is right for you, and if you can comfortably afford to meet the mortgage repayments.

"If you are concerned about negative equity, then the best remedy is to increase the size of your deposit or to step up your monthly mortgage repayments.

"Tea leaves are unreliable at the best of times. So rather than wasting your time reading the contents at the bottom of your cup, spend time trawling through mortgage best-buy tables instead."