Property market brims with confidence

Mon 18 Nov 2013

The Knight Frank sentiment survey reached a record high in October, although it did drop very slightly in September.

This is likely to be a blip though, as the message filters through to property owners that the market is now gaining pace. House price sentiment has been positive for eight consecutive months.

Tim Moore, senior economist at Markit, said that the latest data showed the removal of a "small amount of froth".

“However, with just one-in-fourteen households anticipating a drop in property values over the 12 months ahead, there is a widespread belief that UK house prices will continue on an upward path in 2014," he added.

“Looking at the regional picture, Londoners are still by far the most likely to forecast increases in their property values, while the East of England replaced the South East in second spot for expected house price growth.”

Thus far in November 20 per cent say that their house has risen in value over the last 30 days, up from 9.1 per cent in November last year.

Gráinne Gilmore, head of UK residential research at Knight Frank, said: “The sharp rise in the House Price Sentiment Index since the start of the year has been reflected, with some time lag, in recent house price indicators for the UK.

“Confidence across the housing market has been lifted by brighter economic conditions and government interventions in the mortgage market.

“Those holding some or all of the equity in their home are the most confident that prices will rise, but households in the private rented sector also expect price growth over the next year – which could impact hopes they may have of home ownership.”

The picture is a rather less encouraging one for those not yet on the ladder though, with increased sentiment and prices not yet encouraging a boom in supply.

Doug Shephard, director at Home.co.uk, said: "Potential buyers, especially those in London and the South East, are set for more frustration for the rest of 2013 and into 2014.

"Their choice of properties to consider is the lowest it has been since 2007 and there are no signs of possible improvement.  The flip side for vendors is, of course, more positive. The low volumes of property that do make it to the market are in higher demand, and the typical time on market is four days shorter than this time last year."

Source; Zoopla

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