Property website Zoopla reports that homeowner confidence is improving in the United Kingdom (UK) and some experts believe the data are a forecast for good things to come in 2013. The homeowner confidence stats are the highest they’ve been in three years, with 74% of UK owners expecting prices increases of up to 4.5% by September. The results vary by region and some areas are more bullish than others, but increases in first-time buyer lending and more access to capital overall it may mean owners are on to something. For more on this continue reading the following article from Property Wire.
UK home owners are expecting house prices to rise by 4.5% over the next six months, a sign of significant confidence returning to the housing market, according to new research.
Some 74% expect house prices to rise by September with owners in London the most bullish and those in Yorkshire and Humber the least confident, the survey from property website Zoopla shows.
This is the biggest predicted house price increase by UK home owners in over three years and could signal that 2013 is set to be the best year for the property market since the financial crisis struck, says the firm.
The proportion of home owners who think that house prices will increase this year is also at the highest level for almost three years.
The research indicates that confidence has grown notably over just the past few months as only 65% of owners predicted an increase back in December. And only 13% of owners now expect prices to fall over the course of the next six months, down from 19% at the end of last year.
Owners in Yorkshire and the Humber are the least bullish with only 61% expecting property prices to rise over the next six months. In stark contrast, 89% of London home owners predict prices to rise by the end of summer making them the most confident property owners in the UK.
‘The housing market has seen a number of positive events in recent weeks including the Budget and growing confidence from homeowners is a significant step towards a recovery,’ said Lawrence Hall of Zoopla.
‘With first time buyer lending gradually increasing and mortgages becoming more readily available, there is real belief that the property market is starting to turn a corner and finally drag itself out of the hole since the financial crisis,’ he added.
This article was republished with permission from Property Wire.