Brits ''confident in housing market''


Mon 17th Sep, 16:36:46 BST

Brits are still confident in the housing market and most simply want to own a home of their own, a new report has claimed.

Commissioned by the Building Societies Association (BSA), the research indicates that 77 per cent of people are buying property in order to live in it, with 88 per cent claiming that their main reason for making a purchase was to become a homeowner and not to make profit.

Adrian Coles, director general of the BSA, said: "Consumers have a realistic view of the property market.

"The findings suggest that households'' confidence in the housing market is robust and points to the stability of the market if house prices were to fall. There would need to be some shock to the wider economy, for consumers'' confidence in their ability to hold on to their property to be shaken," he added.

In recent months, both Halifax and Nationwide have predicted the housing market is slowing down but the findings in the report indicate that 89 per cent of people think property prices will continue to rise over the long term.ADNFCR-1143-ID-18282809-ADNFCR


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