The first quarterly Property Tracker survey by the Building Societies Association (BSA) has revealed 27% of consumers believe that now is a good time to buy property in the UK.

The trade body argued that, with 51% arguing now is not a good time to purchase, there is sharp division within the population.

The most significant impediment to property purchase was considered to be affording the monthly mortgage payment, chosen by 70% of respondents. Three other factors were seen as important barriers, but to a lesser extent: getting access to a large enough mortgage or a mortgage at all (49%), raising a deposit (47%), and concerns about future falls in property prices (46%).

Adrian Coles, director general of the BSA said: “The finding that monthly mortgage payments are currently seen as the main barrier to house purchase demonstrates the extent to which household finances are being stretched, as well as a reflection of the increased price of risk now incorporated into mortgage rates.

”With this new quarterly survey, the BSA should be able to track how the perceived barriers to property purchase change over coming quarters.”

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