BSA: No easy solutions as consumer confidence in housing market recovery remains low

BSA: No easy solutions as consumer confidence in housing market recovery remains low

BSA: No easy solutions as consumer confidence in housing market recovery remains low

Just 45% of consumers surveyed in the BSA’s latest, June 2010, quarterly Property Tracker survey think that now is a good time to buy property. This compares with a figure of 49% of those surveyed and asked the same question in March 2010.
Paul Broadhead, Head of Mortgage Policy at the BSA commented:

‘This rise in negative sentiment about whether now is a good time to buy property in the UK market could reflect wider concern about the state of the economy and the warnings the new coalition government has issued about the austerity measures that will have to be taken. 55% of people surveyed still consider job security a barrier to buying property, followed closely by the ability to save for a deposit, 53%.’

The June 2010 Property Tracker survey questioned consumers as to what they thought the new Government should do to promote home ownership in the UK housing market. The results demonstrated that there does not appear to be a single preferred solution from a consumer perspective, but clamping down on properties standing empty (36%), remove or reduce stamp duty (33%), more lending from banks or building societies (32%), help in saving a deposit (28%), simplifying the home buying process (27%) were the recommendations with which consumers were in most agreement.

Paul Broadhead commented:

‘The Government has spoken of its support for the aspirations of people to become home owners, and our survey demonstrates that consumers believe there are a range of measures that the Government could now take to encourage wider accessibility to the UK home buying market. Whilst there is no one stand-out solution we would be happy to help the Government to investigate these problems, and last week the BSA published a summary of a roundtable discussion looking at improving the property buying process for the consumer.’

Notes to editor:

1. The Property Tracker survey is conducted quarterly by YouGov plc for the Building Societies Association. All figures, unless otherwise stated, are from YouGov Plc. Total sample size in June 2010 was 2,113 adults. Fieldwork was undertaken between 8-10 June 2010. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+). The full survey is attached and can also be viewed online here – http://www.bsa.org.uk/docs/presspdfs/pr_full_report.pdf

2. The Building Societies Association (BSA) represents mutual lenders and deposit takers in the UK including all 50 UK building societies. Mutual lenders and deposit takers have total assets of over £370 billion and, together with their subsidiaries, hold residential mortgages of over £235 billion, 19% of the total outstanding in the UK. They hold almost £250 billion of retail deposits, accounting for just under 22% of all such deposits in the UK. Mutual deposit takers account for about 36% of cash ISA balances. They employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.

3. Photographs of Paul Broadhead are available from the BSA press office, or from the Association’s website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk.

4. Contact:
Fiona Cornes
020 7520 5926

Or Neil Johnson
020 7520 5903