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Mortgage holders take their time

Date: Sat, 09 Oct 04 Analysis

The gentle "easing-off" of property prices is beginning to give house buyers new confidence to take their time choosing and strike hard bargains when they act, a new report reveals.

But the research also shows that despite five interest rate rises since November last year, Brits are still looking to buy in the same quantities as they were six months ago.

This is according to Yorkshire Bank's latest quarterly Housebuyers survey, which examines and monitors the attitudes of approximately 2,000 adults nationwide towards the British property market.

Yorkshire Bank's survey found that one in four house buyers now think the market has "eased off" sufficiently so they no longer feel the need to rush in and offer over the odds on the first thing that comes their way.

With the perception they are facing less fierce competition, one in five buyers (20 per cent) are now quite prepared to risk offering well under the asking price, by several thousand pounds, on a house that interests them.

And twenty-four per cent would now feel confident to take their time to make sure the property exactly meets their needs and go for a couple of viewings before making an offer.

This is in contrast to three months ago when the bank's summer survey found, to increase the chances of having an offer accepted, almost one in ten buyers were considering making an offer on more than one house at the same time.

Gary Lumby, Yorkshire Bank's Head of Personal Financial Services said: "In recent months we've seen evidence of the housing market starting to slow. Now we have evidence that this is changing the attitudes and actions of house buyers.

"Buyers when searching for a house now feel they can look around more to ensure their lengthy wish list for a dream home can be fulfilled."

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