Survey Reveals Potential High Demand for UK Properties

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2nd June 2014 10:51 - Housing

A survey, conducted by Markit and Ipsos Mori, suggests that some five per cent of UK households plan to buy a property in the next year and a further fifth (20%) plan to do so within the next five years.

Among respondents, three –in-ten (28%) indicate they want to buy a house or apartment in more than five years’ time, a fifth (17%) of households say they have no plans to buy at any stage and thirty per cent of households are undecided.

If all potential buyers were to make a purchase over the next twelve months, the UK property market would see an increase of a fifth (18%), equivalent to 200,000 households, in line with the Office of Budget Responsibility’s forecasts.

However, there is speculation that this surge in demand could overwhelm market supply, suggesting that some households may not achieve their goal of buying a property.

Of those planning to buy who already own a home, three quarters will sell their existing property to fund the new purchase. Some 4% of these households plan to purchase an additional property as a second home or holiday home and 5% plan to buy an investment or rental property.

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