11
Jun
2m plan to take advantage of falling property prices
Some two million Britons are intending to capitalise on falling
property prices by moving home, according to Abbey.
The bank has found that although 3.9 million people are planning to
stay put until the market stabilises, others have decided that
taking the risk of moving now may pay off.
Of those that are aiming to move, 1.2 million are intending to
trade up to a bigger property in the hope of snapping up a
bargain.
Meanwhile, 827,000 are selling-up in order to rent, so they can
watch the market and wait for prices to fall further before they
buy again.
"For some people a falling house price environment is not
necessarily bad news. While the majority of homeowners are planning
to stay put and wait for the current volatility to end, two million
think that house price falls are a good reason to move," Phil
Cliff, director of Abbey Mortgages, commented.
Yesterday, the Royal Institution of Chartered Surveyors reported
that housing transactions are now at their lowest level since
1978.
