When it comes to the property market, everyone wants to know what will happen in the future. You will also find that many people have an opinion on what is likely to happen. This isn’t always based on reason or research but given the importance of property prices, it is easy to see why so many people have a strong interest in what is going to happen next with properties in the UK. At Griffin Residential, we are dedicated to helping people make informed decisions in the market and we’re glad to see that more people are feeling more confident about what is going to happen.
A study undertaken by Zoopla suggests that there is a rise in the level of confidence felt by property owners with respect to local property prices growing. The study suggests that over 80% of property owners believe that house prices in their local area will increase in value, and this is an increase of 14% since the last time this question was asked, which was in November.
The last time the survey was carried out, British people suggest that prices would rise by 4.9% in a six-month period but in the latest study, the expected rise for the next six months was listed as 6.9%.
The most confident area with respect to expected property prices is East Midlands with 93% of respondents looking forward to positive movement. Other areas where there is a general air of positivity with respect to property prices are the East of England, with 90% and the South West of England, where 89% believe that prices will rise.
Of course, not everywhere feels as positive or as optimistic as these areas. The least confident area regarding property price rises is the North East of England where only 63% of respondents believe prices will rise. In London, 76% of respondents believe that property prices will rise and in Yorkshire and the Humber, the return of respondents who are optimistic about house prices is 84%.
While there will be some people questioning the outlook predicted by people in the North East of England, even their gloomier outlook is more positive than was posted the last time the question was asked. In fact, the return of 63% of respondents expecting a rise in prices was 22% higher than the last time. In this regard, it can be argued that even the North East of the country is showing a greater level of belief that the UK property market is due for an upturn.
Confidence is a hugely important aspect of the property market. When buyers and sellers believe that the market is moving in the right direction, more people take an interest and are more likely to act. In this regard, optimism becomes self-prophesising, convincing people to make a move.
If you are considering making a move in the property market, get help from a skilled estate agent. At Griffin Residential, we provide skilled, qualified and affordable assistance, and we look forward to helping you with your next move.