Mortgage availability provides property boost

Nearly 60% of people believe now is a good time to buy a property, according to the Building Societies Association (BSA) Property Tracker survey.

The perceived increase in the availability of mortgage finance has led to cautious optimism in the property market.

Access to a mortgage was viewed as a barrier to buying by 49% of people, compared with 55% back in June and 58% in March.

But a lack of job security remains the most significant barrier to a property purchase and was chosen by 58%. This could be a critical influence on the confidence of house buyers with unemployment forecast to rise into 2010. Respondents expect property prices to rise by 1.6% over the next year.

Paul Broadhead, head of mortgage policy at the BSA, says home buyers are increasingly viewing the property market in a positive light.

He adds: "The majority of respondents believe now is a good time to buy. With mortgage availability perceived to be increasing, prospective buyers are more confident of securing funding to purchase a property."