British consumers are looking at the plus side of the negative housing market and a large number claim they are planning on taking advantages of the falling prices.

The Rightmove consumer confidence survey published today asked over 28,000 people about their feelings regarding the current market.

The majority of the respondents (65 per cent) said they realised the current decline in prices provided a window of opportunity for cash-rich and mortgage-ready buyers, but the options for first-time buyers are currently limited.

Nearly half of those asked said they expected to take advantage of the current market and plan to buy in the next 12 months, despite recognising prices are expected to fall further through the year.

Miles Shipside, commercial director at Rightmove commenting of the results, said: “With interest rates at historic lows and set to fall further, and property deals available at around 25 per cent below peak boom prices, buying has got a whole lot cheaper.

“Other assets now seem a lot less solid than bricks and mortar, so the time-to-buy pendulum is swinging from negative to positive. It’s aided by some homeowners’ mortgage repayments being the lowest they have ever experienced and the prospect of them getting even cheaper – a real turnaround from just a few months ago.”

In London, consumers are slightly less optimistic, 59 per cent of respondents said they thought it was a good time to buy, yet nearly 1 in 5 (19 per cent) feel it’s currently a good time to sell, suggesting many expect further price falls.