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Santander detects greater optimism about buying

Friday, 27 January 2012 11:05 AM

A survey by Santander says one in 12 of us (eight per cent) are likely to buy a new home this year.

The proportion is highest among younger people, with 12 per cent of those aged 18-34 likely to buy, but that falls to seven per cent of 35-54 year olds and 5 per cent of the over-55s.

Santander's interpretation is markedly more optimistic than HSBC concludes from similar results in another survey out today.

Of those looking to buy, 53 per cent are more positive about their chances than a year ago and 15 per cent more negative.

Londoners are the most confident about buying, with 13 per cent saying they think it is likely they will successfully purchase a property. Next most positive are people in the North East and East Midlands (both nine per cent).

People are least confident about buying in the East of England (four per cent) and Northern Ireland (five per cent).

Just under a quarter (24 per cent) of those who think they will buy will be first-time buyers. However, a slightly greater proportion (26 per cent) will be buy-to-let investors or people buying an additional property.

For those who think they won't buy this year, the main obstacles are not being able to raise a deposit and not being able to afford to buy in the area they want to live.

Phil Cliff, director of Santander Mortgages, said: "Given the tough economic climate people are becoming more upbeat about their prospects of purchasing a new home this year.

"It's been a tough few years for the property market overall, but prices have made a steady recovery so there's every reason to feel cautiously optimistic."

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