This is the conclusion drawn from the mortgage lender’s latest Housebuyers Survey of more than 2000 adults nationwide. The bank’s quarterly study, which accurately predicted the return of gazumping earlier this year, examines and monitors attitudes to the UK property market.
Commenting on the survey, Geoff Greer, Yorkshire Bank’s newly appointed, chief operating officer, said: “We’re not predicting something sudden or dramatic, but an inevitable correction. While current confidence in house prices emerges at an all time high, with 63 per cent of people anticipating the value of their home to increase over the next 12 months, people should not rely on the current property boom continuing at the same rate.”
The study has found that a quarter (24 per cent) of would-be first time buyers wish they’d bought a year ago, stating they’re now unlikely to be able to afford to buy in the near future. And one in three (30 per cent) would-be first time buyers say they’re now planning to put buying their first home on hold until prices cool down.