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Four million homeowners waiting for prices to bottom out

Thursday, 16 April 2009 11:03 AM

Research has found more than four million home-owners are playing the waiting game to cash in on cheaper home-ownership when prices 'bottom out'.

According to first direct, there is an estimated £20.2 billion worth of savings being 'sat on' until the time is right to move into the housing market once again.

One in six believes house prices will grow steadily by the end of this year, with the most pessimistic believing it could be 2012 before the property market begins to recover.

The highest proportion of those waiting to buy live in London, with women twice as likely as men to wait for falling prices.

First direct spokesman, Jimmy Kelly, said: "If property is your preferred investment, it's worth existing home-owners investigating offset mortgages as a savings option while they wait for the right time to invest. With savings accounts paying such low rates of interest at the moment, offsets are looking particularly attractive."

The research also found a quarter of those surveyed felt lucky to be able to take advantage of falling house prices, but 20 per cent were having to put major decisions on hold.

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