Quoting Barrack Obama from the G20 summit 'The global economy has not been in a worse state since World War II'.
So much doom and gloom is touted about the property market and the economy these days that here at MyHome we"ve decided we have enough of speculation and pessimism. We decided ... to do a bit of fishing of our own to get some facts on what people are really thinking and how they are going to act in the current property market. The results are in and here is what we found out;
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50% surveyed intend to buy over the next 12 months
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30% of these say they have already have mortgage approval with another 24% are actively seeking one
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A whopping 83% wanting to buy say they have the funds to fork out for a deposit
First Time Buyers or sometimes known as 'FTBs' made up a nice 40% of the 'intend to buy' group surveyed. For them the falling house prices tied with huge reduction in mortgage rates has made the property market more attractive than ever.
So in short, although lose change is scare in the current economic climate there is activity in the property market. FTB"s are keenest of all buyers and are eager to invest a.s.a.p. They are sure to snap up a bargain easily with properties now massively 50% lower than peak levels and with another further reduction in rates announced by the ECB yesterday affordability and choice has never been better.
