Home buyers 'keep confidence' in property market

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The public remain confident in the housing market despite recent price rises and credit problems, according to the Building Societies Association (BSA).

Research released today revealed that 77 per cent of home buyers purchase properties with the primary aim of living in them, while only 45 per cent felt that making money when selling on the house was important.

Speaking on the announcement of the figures, the BSA's director general Adrian Coles said that recent increases in property prices was due to a number of factors but buyers had a "realistic" view of the market.

"For most, the primary motivation for buying a property is derived from the satisfaction of owning a home, rather than the financial motivations of capital appreciation," he said.

The positive findings for the property market were announced as mortgage broker Northern Rock's shares rose by 11 per cent after its recent troubles.

Alistair Darling, the chancellor, yesterday confirmed that the Bank of England would guarantee any existing deposits that customers have with the bank.

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