UK Money News
10th June 2008
2m Brits aiming to profit from property downturn
Millions of Britons are eyeing the downturn in the property market as a chance to improve their housing situation, a survey has shown.
In a study conducted by Abbey Mortgages, two million homeowners were revealed to be looking to take advantage of the drops in prices.
Of these 1.2 million intend to trade up and secure a larger home for a relatively cheap price.
Meanwhile, 827,000 are poised to sell up and return to property ownership once prices have fallen substantially.
Phil Cliff, director of Abbey Mortgages, said: "While the majority of homeowners are planning to stay put and wait for the current volatility to end, two million think that house price falls are a good reason to move.
"This could be because house price falls bring a larger property within their grasp or because they think they can cash in if they sell up now and wait for the market to hit its bottom. However, it is always worth getting advice before making this sort of move as for most people, their house is their largest asset."
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