Many hope to purchase this year and think there is good value at moment

Property group Real Estate Alliance has revealed the results of its annual property survey which says that a majority of potential buyers intend to purchase a property in the next year and most believe that there is value in buying a property at the moment. The survey gave a snapshot of the type of buyers currently active in the marketplace. Of those surveyed, 37 per cent were first time buyers while 38 per cent were looking to trade up. A significant number, 24 per cent, were investors while the remaining two per cent were seeking to downsize. One of the most positive facts to emerge from this report is the indication that a majority of potential buyers (52 per cent) intend to purchase a property in the next year and the majority (79 per cent) believe that there is value in buying a property at the moment. The large percentage (61 per cent) say that 'seeing the right house" would motivate them to buy now but a significant proportion (63 per cent) are holding off because they believe that prices will fall further this year. Some 36 per cent believe that prices will bottom out at the end of this year, and 27 per cent believe property prices will decrease by more than five per cent in 2009. Fifty per cent believe it will decrease by more than 10 per cent. Most respondents (63 per cent) believe interest rates will drop to one per cent. Respondents were asked a number of questions relating to building energy ratings and carbon taxing, revealing that the majority (65 per cent) believe that building energy ratings will have no overall effect on house prices. A key finding from the report reveals that the majority (64 per cent) don"t agree with carbon taxing homes although 66 per cent believe that it will be used as a basis for the proposed property tax. Some 45 per cent of investors and those trading up think that they can obtain a BER certificate online rather than through professionals. Ashbourne agent Paul Grimes, chairman of Real Estate Alliance, of Grimes Real Estate Alliance said: 'We are heartened to report that 52 per cent of those seeking to buy intend to do so in the year ahead. In particular, almost 70 per cent of first-time buyers intend to buy in the next year. The widespread belief is that prices will continue to fall in the months ahead but that the bottoming out of the market will come towards the end of 2009. The majority of respondents believe that there is value in the market currently and that seeing the right house would provide the stimulus for them to proceed with a purchase. 'The results of the survey have clearly defined the challenges ahead for all Real Estate Alliance members to show potential buyers the value that exists and to use their experience and expertise to find the right house for clients. While there is an obvious reduction since the peak in the number of people active in the market place, those that are considering purchasing intend to do so in the months ahead and we can presume they will be monitoring the market closely in the belief that the bottom of the market will come towards the end of this year. Naturally, everyone wants to be ready to strike when this time comes,' he said.