Poll: 19 % of homeowners believe that the correction in the UK property market will last more than 5
Homeowners are unsure how long the correction in the UK property market will last. The latest figures from Simplyzigzag.com reveal mixed feelings.
[UKPRwire, Fri Feb 13 2009] According to the poll, 38% believe less than 12 months and the same figure believe that it will take longer, 2 to 3 years. With so many different reports daily coming out of newspapers and media outlets its no wonder that homeowners are confused on how long the correction will last. Furthermore, 19% believe that it will take longer for prices to bounce back, more than 5 years. Only an optimistic few believe it will be less than 6 months.
Raya Mamarbachi, Director at Simplyzigzag.com, said:
“The gloomy daily headlines are more alarming than what is actually happening to the housing prices. Interest rates have fallen easing mortgage costs and banks are tightening whom they lend to, and under what conditions – thus injecting confidence in the economy.
Confidence in the housing market will change when the availability of mortgages becomes cheaper to obtain in general and when job losses are contained. Many families are facing big disposable income squeezes’ and this in turn causes anxiety and major concerns for homeowners. Given the huge rise in housing in the UK over the last decade some cooling might be welcome for us as real estate agents and for potential buyers, however the market is unpredictable and we cannot know how far the correction will go, how long it will last and will it lead to a crash instead? House price inflation has yet to drop to negative figures giving many hope and positive indicators that emerged from the recent US Election can only be good.”
The Simplyzigzag.com poll was conducted via the company’s website over an 8 week period from 1st December 2008 to 30th of January 2009.