More evidence of growing homeowner confidence

Fri 25 Oct 2013

Only four per cent of homeowners predict a fall in house prices, while 89 per cent expect a rise according to the latest Zoopla housing survey.

This is another indication that a wave of optimism is spreading through the market.

Lawrence Hall, market expert at Zoopla, called this confidence a "bedrock" for healthy property transactions.

"Mortgage lending is on the rise, first-time buyers are returning to the market, and the second phase of the Help to Buy scheme should help boost confidence further across the country and not just in London," he continued.

"All of this bodes well for a healthier market and could lead to more and more transactions, which in turn will create a more sustainable market.”

Two-thirds of property owners say that evidence of sales in their local area is why they think the market is on the up.

This snowball effect could encourage many of the sellers who may have been biding their time until they see an improvement in the market.

Jonathan Harris, director of mortgage broker Anderson Harris, said: 'While the economy is turning a corner, it's important not to get too carried away as there is still a long way to go.

"The danger of over-reaction to a house-price bubble is that any confidence in the market is extinguished just as it is establishing itself. Lending volumes and house prices are still well below pre-crisis levels and while they are improving, it will take a while to get back to those levels - if indeed this happens at all."

However there is little sign of concern about a bubble among homeowners, who on average predict a five per cent rise in prices over the next six months.

London is likely to drive that growth, 97 per cent expect a rise, with an average increase of 8.3 per cent anticipated.

Homeowner confidence in the property market remains significantly higher in the South, although all eleven UK regions saw an increase in the number of homeowners expecting a house price rise.

SOURCE; ZOOPLA

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