12-05-2008
Study confirms desire for house price fall
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
A new study by the BBC has found a majority in favour of a decline in the value of housing within the UK.
According to the findings of a poll commissioned by the broadcaster, while 22 per cent of respondents confirmed a wish for house prices to increase, a greater number (28 per cent) announced their preference for a reduction in the cost of housing.
The poll was conduced by ICM between April 25th and April 27th and involved the participation of 1,005 individuals.
"Economists are concerned that if prices fall too quickly it may knock consumer confidence, already at its lowest for 15 years, leading to reduced spending that could worsen the current economic slowdown," said Andrew Verity, in a report by the BBC.
However, the survey also found that a total of 46 per cent of individuals preferred the idea of house prices remaining unchanged.
In related news, mortgage provider The Woolwich has confirmed that new borrowers are now required to provide a minimum deposit of ten per cent.