Property Owners Confident About House Price Growth

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Most property owners are confident about house price growth in the UK despite the current slowdown in the housing market.

More than four fifths of property owners (81 per cent) are confident of house price growth in the next six months, although the picture varies across different regions of the UK.

Most confident of house price growth in their area are those in Yorkshire and Humber and the North West, where 91 per cent expect house price growth this year.

Perhaps not surprisingly, those least confident of house price growth are found in London, where property prices seem to have suffered most from the ‘Brexit effect’. Only 67 per cent of Londoners expect property price rises.

The sentiment survey of over 2,000 people registered on property website Zoopla has shown up the various levels of confidence in local property markets, and actually seems to reflect the way things have been going.

Yorkshire and the Humber showed the highest annual growth, with prices increasing by 3.6 per cent in the year to March, according to the latest data from the Office for National Statistics and the Land Registry.

Similarly, survey respondents in the region are the most optimistic and expect prices in the region to rise on average by 4.5 per cent over the next six months, according to Zoopla.

Meanwhile, Londoners, who have seen house prices actually fall by 1.9 per cent over the year to March on average, are the most pessimistic.

Scotland is the third most confident region when it comes to the future of the local property market, with 90 per cent of homeowners expecting an increase.

But Scots are the most confident when it comes to the rate of increase, expecting prices to rise on average by 5.5 per cent, according to Zoopla.

The South East and the North East are the second and third least confident regions, with 74 per cent and 78 per cent anticipating increases respectively.

Spokesperson for Zoopla, Laura Howard, said: ‘Despite evidence of a slowing housing market and ongoing political uncertainty, homeowners remain optimistic about the future of property prices.

‘Whether or not these forecasts prevail, consumer sentiment plays a crucial role in the health of the housing market.’

 

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