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Thursday, March 18, 2010

Consumer confidence hit as house prices fall

Consumers' confidence in the housing market has taken a knock following new reports of price falls, research has shown.

Only 49% of people think it is a great time to buy a property, down from 58% in December and the first time the proportion has fallen below half since the end of 2008, according to the Building Societies Association (BSA).

Nearly three out of 10 people also said they neither agreed nor disagree that it was a good time to enter the property market or trade up the ladder, the maximum proportion since the index was first launched in June 2008.

The research was carried out soon after both Nationwide and Halifax reported house price falls of 1% and 1.5% respectively for February, increasing speculation that the housing market recovery may be running out of steam.

Overall, people are predicting average rises of 2.2% during the upcoming year, down from expectations of a 3% rise in December.