Confidence in the property market at an all-time high

24-Apr-2014

There is growing confidence in the property market as an increasing number of first time buyers seek to purchase new homes, it has been suggested.

Research published by Zoopla has revealed that homeowners expect property prices to rise by 8.8 per cent on average over the next six months.

Over 4,972 UK homeowners were surveyed, and 95 per cent of those polled said that they expect prices to rise; this represents an increase of 74 per cent from last year.

A further 42 per cent of respondents said that they plan to invest in home improvements to capitalise on growth.

This renewed confidence has led to a situation where 31 per cent of people stated that they plan to buy a property in the next year, and this includes first time buyers.

The figure represents a 22 per cent increase from January.

Commenting on the findings, Lawrence Hall, spokesman for Zoopla, said that there has also been a rise in the number of people planning to invest in more substantial home improvements.

He explained that properties are getting more views from potential buyers, while those who are selling their homes are taking advantage of the potential to profit from the trend.

He added: "UK home owners are expecting house prices to rise at a higher rate than ever before, and this confidence in the property market recovery is finally filtering out of London and across the UK.

"With prospective sellers eager to take advantage of a buoyant market and buyers wanting to snap up the best properties before they slip out of reach, indications suggest the market will remain strong over the coming months as increased supply and buoyed confidence drives activity on all rungs of the ladder."

Londoners were particularly confident about the prospects of making a profit from selling their homes, with 97 per cent expecting house prices to rise over the next 12 months.

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