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Confidence in the housing market remains strong

Confidence in the housing market remains strong, despite the current climate, according to a new report from the Building Societies Association (BSA).The report, "House Price Expectations", based on research by Ipsos MORI, found that nesting is a factor in 88 per cent of home purchase, and is more important than financial gain - showing that buying a home is something people are always likely to want to do.If house prices were to fall, less than two per cent of owners would sell immediately,Investors are in the market for long term, even though 71 per cent of buyers accepted that property prices could fall this year Commenting on the report, Adrian Coles, director general of the BSA, said: "Growth in residential property prices has largely been due to a wide selection of factors including low interest rates, lack of suitable housing stock, a buoyant economy and the ingrained desire in the British psyche to own property. "Some commentators have cautioned that the market may be over reliant on consumers' expectations that prices will continue to rise. "However, our report puts paid to these fears. Consumers have a realistic view of the property market and house price expectations have not fuelled a price boom."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."Reassuringly for those critics, the results prove that the majority of buyers have put considerable thought into their purchase, and have entered the housing market with their eyes wide open."

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