Only 1 in 3 people are likely to buy property in 2011

Only 1 in 3 people are likely to buy property in 2011

Legal & General’s recently released Moving Intentions Survey results indicate that only 30 per cent of the adults who took part in the survey believe that they will be buying a property in the next twelve months.
The first Moving Intentions Survey was published in the summer of 1996 and has since been carried out regularly to measure the expectations of home owners.  The survey is based on a sample of 1,000 adults and was carried out online between 4th and 13th January 2011.
The results of the survey showed that only 10 per cent of the adults surveyed were either ‘very likely’ or ‘quite likely’ to buy a property this year with the most likely buyers being in the 26 to 35 age range, living in a flat or a maisonette.
Reasons for buying ranged from ‘wanting a larger property’ to ‘acting while rates are low’ although only 19 per cent cited the latter as their reason for purchasing.
The survey also showed that respondents were realistic about potential difficulties and when asked what these were the over a quarter of the respondents, 26 per cent, said that ‘finding a mortgage I can afford’ was going to be their biggest issue and 19 per cent reported that their biggest difficulty would be ‘finding a mortgage with the deposit I have’.
Stephen Smith, Director of Housing and External Affairs at Legal & General Network, commented:
“This pattern shows the continued need for movement in the housing market amongst young families”
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