UK house-hunters are relatively upbeat about the property market for 2012, according to new research from Santander Mortgages which reveals that 8% of Britons (3.7m) believe they are likely to successfully purchase a new home in 2012.
The news comes as the Council of Mortgage Lenders (CML) |reports slightly more positive data for the industry with a 4% rise in mortgage completions in November, compared to October.
Also consistent with the CML’s recent data is the news that younger people are the most likely to buy, with 12% of those aged 18-34 saying they are likely to purchase a new home. This is compared to 7% of 35-54 year-olds and 5% of those aged 55 or over.
Overall 53% of those planning to buy a home are more positive about their prospects of being able to do so than a year ago, compared to only 15% who are more negative.
Of those who are likely to buy a new home this year, roughly a quarter (24%) will be first time buyers, while just over a third (37%) intend to buy a new house and sell their current one. A further 15% plan to buy to let and 11% will be buying an additional property to one or more they already own.
Of those who feel they are unlikely to buy a new home this year, the most significant obstacle is not having enough money for a deposit (22%).