The great British public still overwhelmingly wishes to invest in a new home, but are putting plans on hold because of the problems of raising deposits or obtaining a mortgage according to a YouGov poll published today for the New Homes Marketing Board (NHMB).
It finds that 89% of respondents see home ownership as a sensible investment in the future - a figure that has held steady throughout the credit crunch. But 43% say they have put plans to buy on hold because of problems obtaining a mortgage, saving for a deposit or because of a lack of confidence in the market.
"It is clear that (the current climate) is causing frustration and resentment," said NHMB chairman David Pretty. "It is particularly frustrating for those buyers who are creditworthy and have a reasonable deposit but who simply cannot get a suitable mortgage." He said the industry is urging the government and the Council of Mortgage Lenders to do everything possible to improve liquidity and mortgage availability.
"I am repeating my call for the setting-up of a National Homes Deposit Savings Scheme," said Pretty. "This will actively encourage youngsters to save for their deposit in advance, with a 25% tax free contribution from government on top of their savings."
Source: Housebuilder
See Also: Property News (6711), YouGov (1), New Homes Marketing Board (2), National Homes Deposit Savings Scheme (1)
Date Published: 03 March 2010
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