Nearly nine out of 10 Brits anticipate property price rises... But fewer homeowners are planning to buy or sell
11th May 2017
- 87 per cent of homeowners are confident of property price growth - up four per cent since October 2016
- Just 18 per cent of Brits plan to buy a property in the next six months - down by seven per cent since last October
- Homeowners anticipate property values in their area to go up 7.8 per cent (up from 6.9 per cent versus October)
- Homeowners in East of England and East Midlands are the most optimistic
- Zoopla invited its registered users to participate in this study, which ran between 18/04/17 and 21/04/17
- There were 1,511 total respondents. 1,148 of these were homeowners. Statistics based on a sample of this size are accurate to within less than +/-3.0% with 95% confidence, if the sample is drawn at random from the population it intends to represent
- These respondents represent the perspective of the Zoopla user community, and could be considered to represent the population of people interested in the UK residential property market
- All statistics are based on the full sample unless otherwise noted
Almost nine in 10 British homeowners (87 per cent) believe that properties in their area will grow in value over the next six months, by an average of 7.8 per cent. According to the latest Housing Market Sentiment Survey from Zoopla, confidence has increased by four per cent since last October, but has not returned to the levels seen this time last year (92 per cent).
Although overall confidence has increased, the survey revealed a fall in the number of those planning to buy or sell a property. Just 18 per cent of homeowners are intending to purchase a property in the next six months (down seven per cent since October 2016) and only 17 per cent plan to sell (down six per cent since October).
Regionally, homeowners in the East are the most confident about their local property market, with 89 per cent of those in the East of England expecting to see an increase in property values over the next six months, followed by 88 per cent in the East Midlands. Homeowners in the East Midlands are the most optimistic about growth rates, expecting a double-digit rise of 10 per cent – up from 7.6 per cent six months ago. London comes in close second, with locals anticipating property value increases of 9.9 per cent, while those in the East of England place third (8.1 per cent).
Meanwhile, those in Wales and the North East are least optimistic about property price growth with just 68 per cent and 69 per cent of homeowners expecting a rise. Looking at anticipated price growth, residents in the North West have the most modest expectations, predicting rises of just 5.9 per cent – almost half the rate of growth expected by the region this time last year (10.5 per cent).
In addition, obtaining mortgage approval is now seemingly easier than it was this time last year. Only 29 per cent believe it is now more difficult to get approval for a mortgage (down three per cent from 12 months ago).
Lawrence Hall, spokesperson for Zoopla commented: “Despite a continued period of political uncertainty, it’s encouraging to see a rise in confidence for property price growth. However, despite this, we can’t ignore that there’s been a rise in reluctance to buy and sell properties. With the upcoming general election, it’s perhaps no surprise that people may be holding out to make a purchase or sale decision until after June 8th”.
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