Added: 18 June 2014
Only 33% of people in the East of England think now is a good time to buy a house
Commenting on the June Property Tracker* released by the Building Societies Association, Paul Winter, CEO of Ipswich Building Society, says:
"The much talked about house price frenzy we've seen in certain parts of the country is cooling, a sign that would-be buyers are being held back by some of the structural problems in the sector – changes to mortgage lending including MMR creating a new group of mortgage misfits (people overlooked by a one size fits all approach to lending criteria), a lack of housing supply and a Help to Buy policy which has artificially inflated house prices, especially in the South East.
"Diminishing confidence in home buying should not be taken as a return to a sustainable housing market. Government needs to address the housing crisis, they need to get moving with a nationwide housing programme and implement reforms to housing policy."
The BSA tracker found that:
- Only a third (33%) of people in the East of England believe now is a good time to buy a house - down from 58% in March
- The majority (62%) say getting the funds together for a mortgage is the biggest barrier to buying a home, while half (49%) say monthly mortgage repayments are a stumbling block
- A quarter (24%) of people in the East of England believe there is a property bubble in the region
*BSA fieldwork carried out between 30 May - 1 June 2014. More information at: www.bsa.org.uk/information/statistics/bsa-property-tracker/