UK Money News
20th June 2008
Costly mortgages putting off buyers
The prospect of high mortgage repayments is the chief factor dissuading Britons from buying property, a survey has revealed.
In a survey conducted by the Building Societies Association (BSA), increased housing costs resulting from providers raising rates on mortgage products was cited by 70 per cent of people as the key factor behind not investing in the current climate.
Other conditions keeping consumers from buying property included getting a mortgage, which was proving off-putting to 49 per cent of the sample, while 47 per cent felt they would not be able to raise a large enough deposit.
Adrian Coles, director general of the BSA, said: "The finding that monthly mortgage payments are currently seen as the main barrier to house purchase demonstrates the extent to which household finances are being stretched, as well as a reflection of the increased price of risk now incorporated into mortgage rates."
The poll also revealed that despite the downturn, 27 per cent of people think that now is a good time to buy property.
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