Press Release Summary: According to a study by BSA, some people in Britain may feel that the time is not at all suited to invest in property. However there is still a good number that believes the opposite to be true. A low rate secured loan is a help to the borrowers if they want to buy a house without any financial burden.
Press Release Body: Even in the presence of worries that have come to exist in the housing market, the consumers still are optimistic and interested in buying property, according to a study.
The report was made by the Building Societies Association (BSA) and it says that there are still people in the UK who are seeing this time as favorable for them to invest in property or a flat. Around 51 percent of the people said they are doubtful of the conditions that existed in the housing market and the situation lacked stability. However there were still 27 percent of the people who think the time is right to buy property and if they have finances, they will surely go ahead with this. This shows that there is a big mismatch between the thoughts of average consumer and the forecasts that the financial experts make.
For those who wanted to buy property, some factors that lie in the way were recognized. The biggest out of those factors is the monthly mortgage repayments that the person has to make. Around 70 percent of the people find this difficult to manage this commitment. Around 49 percent people said that it is equally difficult for them to find a loan which will help them make their mortgage repayments. Another hurdle in the way of the people is to raise money for a deposit.
People seeking financial support for their financial commitments can easily take up a secured loan. This kind of a low rate loan will help them in securing their home or property deal without much hassle and delay in time.
Some consumers think that securing financial assistance may be a problem for them. Meanwhile, there is a percentage of those too who are not at all troubled about their financial stability if they purchase a house or property. Around 12 percent people thought that they could not call their job safe enough that they could go ahead and buy property.
A considerable percentage of the people were not very positive about the whole proposition of house purchase. A good 59 percent of the people said that would have entered the housing market but for the contemplations of future falls and negative equity that could be created for them.
Adrian Coles, director general of the Building Societies Association, says, "Property buyers are usually seen by the people to be a single group. This is not the case as we can see from the survey done by Property Tracker. Most people may think that this is not the time to buy property. However, one in every four says that they would go ahead if given a chance. Monthly mortgage payments are a hindrance for the people in investing money on property. This shows how one needs to manage the household expenses well and not stretch them beyond limits. Also, one can also make out that how much the increase in mortgage rates is affecting the consumer."
Coles concluded by saying that with this study which is being continued, the BSA will be able to make out the changing viewpoints of the people of UK according to the situations that exist in the UK property market.
Statistics from the Bank of England show that the number of the loans approved for the purpose of buying a house fell for the twelfth month in a row. Loans in this period were approved for a total of 7.3 billion pounds. Breaking secured loans news is provided by http://www.infoaboutloans.co.uk/
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