Chinese households remain cautious over the housing outlook despite Beijing’s slew of property easing measures, according to Morgan Stanley.

More than 80% of surveyed households remain unwilling to enter the market or unsure about doing so when asked about their property purchase plans, Morgan Stanley said in a Oct. 10 research note, citing a recent poll of around 2,000 consumers.

Among the respondents, 42% expect lower home prices over the next 12 months, compared with 23% that anticipate an increase, the bank added.

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Chinese authorities have rolled out easing measures such as lower mortgage down payments and interest rates in recent months to end a housing slump that’s dragged on economic growth and exacerbated a debt crisis among developers.

On the brighter side, homeowners are “incrementally more willing” to put extra funds from lower mortgage payments toward consumption and investment than they were in a July survey, Morgan Stanley said. Spending intentions among consumers saw a minor sequential pickup, although sentiment remained lukewarm amid weak income expectations, the survey found.

The latest survey was conducted between Sept. 25-28 across China’s Tier 1-4 cities.