60% expect prices to decrease.

Approximately 60% of those surveyed expect property prices to decrease this year with 30% expecting no change. Only 40% of respondents expect interest rates to rise in 2008 while over 60% stated that they felt there was value in property in the current climate. The vast majority of those hoping to purchase a home this year will require financial support from a lending agency, however, nearly 40% of the sample had not yet addressed this matter.

Price and Location Key

In the results of the Buyer Survey, Price and location emerged as the two most important factors to potential property buyers. Over 60% of people stated that they did not want to be more then 45 minutes journey time from their place of work. Proximity to schools, shops and other amenities were also important. Most purchasers do not appear to be as keenly interested in the type of property they choose (be it new or second-hand), the orientation, the garden size or its eco-credentials. Instead they seem open to a range of different property types provided that both the location and the price are right for them and for the needs of their family.

A Real Insight into a Buyer's Market

Real Estate Alliance today revealed the findings of the Real Estate Alliance Buyer’s Survey, which uncovers the opinions of those who are already active or expect to be active in the property market in 2008. The survey gave an insight into the types of buyers active in the market place with 35% of those surveyed looking to trade up, making this group the most active in the market place at the moment. 30% were first-time buyers and 28% were investors with the remainder looking to downsize. 45% of those surveyed did not have a preference over a new or secondhand home. More than half the first-time buyers surveyed plan to buy alone while 65% of investors intend to purchase with a partner or spouse