News
Homeowners predict property values will rise in 2010
Housing market confidence has rebounded to 2007 levels with the majority of homeowners saying property values will rise in 2010, according to the latest Zoopla housing market sentiment survey.
Of the 10,732 respondents to the Q4 Zoopla Confidence Index survey, the majority (81%) of UK homeowners believe that property values are set to rise over the first half of 2010. Only 10% expect values to fall over the next six months.
The survey represents a huge turnaround from the same index last year when the low point for housing market confidence was reached. At that time, only 20% of homeowners were optimistic about the house price outlook for the first six months of 2009.
The average growth predicted among respondents is for house prices in their area to increase by 5.4% over the next six months.
Across the UK, the Scots appear most optimistic about the outlook for the property market in 2010, with 84% expecting house prices to rise over the next six months, compared to 81% in England and 79% in Wales. Homeowners in Northern Ireland are least confident, with 68% predicting a recovery and one in three expecting values to show no improvement in the near term.
Nicholas Leeming, commercial director of Zoopla, said optimism is now back to levels not seen since the credit crunch began in 2007.
Going digital
Sponsored by Halifax Intermediaries
He added: “This time last year, confidence in the property market was at rock bottom and the outlook was bleak. But, a year is a long time in the housing market. With increased confidence amongst owners about putting their homes on the market to match the pent-up demand from buyers, we could see a welcome boost to the recovery of the housing market.”