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Brits less concerned about mortgage availability

Friday, 17 September 2010 12:00 PM

Access to mortgages is no longer perceived as large a barrier to homeownership as it did in March, according to new research.

There has been a seven percentage point decline in the number of consumers that perceive access to finance as a barrier to homeownership, according to a Building Societies Association (BSA) survey.

However, consumer confidence levels in the housing market continue to fall.

The September 2010 BSA Property Tracker Survey indicated that a quarter of Brits do not believe it is a good time to buy in the current market.

Lack of job security and fears over the future of house prices are among prospective homebuyers' main concerns, the survey indicates.

Commenting on the findings, BSA head of mortgage policy Paul Broadhead said: "It is clear that concerns about future falls in property prices are having a significant impact on consumer confidence.

"Job security remains a barrier to house purchase and is likely to remain so until there is greater confidence in the strength of the economy."

Recent figures from Communities and Local Government indicated that house prices increased by 8.4 per cent in the 12 months to July.

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