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Owner occupiers return to the housing market

Tuesday, 17 February 2009 8:46 AM

Owner occupiers are returning to the housing market looking for bargains, according to Rics.

The Royal Institution of Chartered Surveyors (Rics) new buyer inquiry research, published today, found lower prices were encouraging interest from owner occupiers.

Rics said many potential buyers believed the market had reached a bottom, but first-time buyers were still being denied access to the property ladder.

This is the third successive month Rics has noted an increase in new buyer inquiries, with 71 per cent of chartered surveyors attributing this rise to lower house prices. Only 35 per cent believed the rise was due to lower mortgage rates.

Simon Rubinsohn, Rics chief economist, said: "Interest from owner occupiers is likely to persist over the comings months as those with large deposits look to capitalise on the drop in house prices.

"However, a sharply deteriorating employment picture may eat away at this improvement in sentiment, pushing potential buyers back to the sidelines. To prevent this happening and help restore an orderly housing market, the government urgently needs to address the issue of the availability of mortgage finance.

"It is essential that guarantees for residential mortgage backed securities are introduced sooner rather than later."

Some 74 per cent of chartered surveyors reported it is existing owner occupiers who are driving the renewed level of interest, while 38 per cent of surveyors indicated investors are coming back into the market. Only 23 per cent thought first-time buyers are a factor in the market interest rise.

Almost one in ten respondents suggested overseas buyers were now looking for opportunities in the UK residential market, benefitting from favourable currency movements.

Chartered surveyors reported 95 per cent of existing houses were the most popular type of dwelling for those enquiring and only 32 per cent reported interest in flats. New build properties remain an even less attractive proposition for potential buyers, according to the Rics survey.

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