Homebuyer confidence on the rise?

Confidence is high among homebuyers following recent news of rising house prices, with 69% of FindaProperty.com's MyHomeLife consumer panel believing now is a good time to buy a property.

With the 'feel good factor' on the rise among consumers, the UK market could be poised for a strong recovery in house prices over the next few months, since almost half of buyers surveyed (46.2%) have a deposit of 25% of more. This will enable them to access the better value mortgage products on the market and avoid one of the major barriers currently being experienced by younger buyers - raising a deposit.

Rising consumer confidence has also buoyed market activity levels as buyers race to beat price rises. FindaProperty.com experienced another month of record activity in August with over 3 million unique visitors to the site. These visitor numbers are up 9% on July and 34.2% on the same period last year and suggest buyers feel the worst of the market is firmly behind us.

Michael O'Flynn, Director of FindaProperty.com, said:

"It’s great to see people feeling bullish about the property market again. Our confidence poll gives further weight to the argument that buyers see now as the time to buy and this is reflected in the soaring visitor numbers to the website. The fact that such a large proportion of buyers have access to over 25% deposits suggests it is people wishing to trade up who are dipping their toes into the water first. Although 40% of those polled believe the market will take 3 to 4 years to fully recover we would still like to see a loosening of lending criteria. This will allow first time buyers can take advantage of house prices before they rise too far.”