9:15 AM, 1st October 2013, About 10 years ago 15
In light of the recent announcement by the UK Government that Help to Buy has been brought forward, a survey has been carried out to gauge how the electorate feels about the state of the property market.
The survey was taken by the users of the social media-based property portal, Property Network, and paints a picture of dread in the property market.
According to the survey, over 50% of people fear another housing bubble while over 73% of people are worried that interest rates are going to rise.
Ben Hood, one of the people surveyed by Property Network, said, “I have just about enough money to buy right now but I want to wait a couple of years. If interest rates go up a couple of per cent then I’d struggle to pay my mortgage. I don’t trust this government to think about long term effects of their policies.”
The early introduction of Help to Buy could be timely as over 64% of people believe it’s harder to save for a deposit now than 12 months ago.
Many experts suggest the Help to Buy scheme could have dire consequences on the economy and UK property market so it remains to be seen as to whether this will lighten the general mood of UK residents. The next survey from Property Network will investigate just that.
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