Falling house prices have not deterred three out of four people from buying a property, says money website Fool.co.uk. But while men show greater hesitancy to dip their toes in the property market now, women are not put off.
Women are noticeably braver than men as house prices drop. More than eight out of ten women (81 per cent) will consider buying a house in the current economic downturn. That compares with a third of men (30 per cent) who are reluctant to act at the moment. The caution shown by men is largely reflected across the country. Buying a property in an uncertain market is tough, and one in four people (26 per cent) want to wait and see before committing themselves. However, seven out of eight Scots (84 per cent) and eight out of ten people in Wales (80 per cent) think that market conditions are irrelevant. The same cannot be said of people in the South West, where only two thirds (68 per cent) are tempted to buy in a falling market. People in the West Midlands are also reluctant to buy right now with almost one in three (30 per cent) happy to sit on the sidelines. David Kuo, head of personal finance at Fool.co.uk, says: "Nobody wants to lose money, especially when they are buying something as important and expensive as a house. "But trying to predict the bottom of the property market is a mug's game. It is more important to decide if the house you want to buy is right for you, and if you can comfortably afford to meet the mortgage repayments. "If you are concerned about negative equity, then the best remedy is to increase the size of your deposit or to step up your monthly mortgage repayments. "Tea leaves are unreliable at the best of times. So rather than wasting your time reading the contents at the bottom of your cup, spend time trawling through mortgage best-buy tables instead."
Date: 27th, August, 2008
Author: Ben Wilkie
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