Property market confidence from homeowners
Despite the current uncertainty across the United Kingdom, 87% of British homeowners still believe properties in their region will rise.
As the snap general election looms over the country, there has been a certain reluctance to buy and sell nationally – although we did see our strongest ever selling month in March – and many estate agents feel that movement will regain some of the lost traction after 8th June.
What’s giving us positivity?
With this in mind, it does beg the question as to why people are so positive about house prices. The simple answer is that year-on-year prices generally rise throughout the United Kingdom, and here in Yorkshire we’ve seen growth well above the national average, particularly in Leeds, Sheffield and York.
So, brief cool downs or surges should be taken with a broader outlook that the market usually levels out, with marginal increases for the year. On average, those who felt prices would rise in the next six months predicted a 7.8% boost according to the research.
Are people put off?
While current homeowners have confidence and mortgages a little easier to achieve than the same time last year, just 18% think they will buy and 17% planning to sell.
There are a number of reasons why people wouldn’t be looking to buy and sell so it will be interesting to see where we go as the year unfolds. Looking for a little help with your next move? Get in touch with one of the Preston Baker branches for a no obligation chat.
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