Everest industry news

14 May 2008

More people would rather see reductions than increases in the average cost of a property, new BBC research has revealed.

Only 22 per cent of consumers interviewed said they wanted house prices to rise, while 28 per cent were in favour of a reduction.

Carried out by ICM, the poll suggests that almost half the population would prefer to see the average cost of house remain the same.

The findings cast doubt on the assumption that falling prices are entirely negative and unpopular.

Commissioned for the BBC2 programme The Truth About Property, the research shows that short-term price falls allow homeowners to upgrade to a larger property and first-time buyers to climb the first rung of the housing ladder.

The show's experts explain that relative reductions in the the prices of properties mean that movers have to borrow less in order to climb further up the ladder.

A minority of 38 per cent of borrowers surveyed indicated that a reduction in the typical house value of ten per cent this year would make them cut back on household spending.

Six in ten indicated that their spending would either remain the same or increase regardless.

Savvy borrowers are opting to invest in home improvements that can add value to their property, while helping to cut fuel bills through better energy efficiency.

One of the most effective ways to cut your fuel outlay - while boosting the value of your home - is to install double glazing that has been designed to retain heat and block out noise.