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Confidence in UK housing market cooled in November – Halifax

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  • 30/11/2020
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Confidence in UK housing market cooled in November – Halifax
Fewer people thought the value of their home increased in November compared to the month prior, according to the Halifax monthly sentiment tracker.

 

The survey found that just 14 per cent of those asked in November felt the value of their home rose over the last month, compared to 17 per cent in both September and October.

However, confidence remains significantly higher than the low of four per cent recorded during the first national lockdown in May.

The outlook for house prices is stable, with more than a quarter of owners believing their home will be worth more in 12 months’ time than those who think it will be worth less.

The research also showed that insufficient savings remain the biggest barrier to buying a home.

Halifax managing director Russell Galley said: “UK households remain broadly confident in the strength of the property market.

“The perceived rate of house price growth weakened slightly during November but is nonetheless above average and a noticeable reversal from the period of negative sentiment we saw between April through to August.

“People also remain cautiously optimistic that property prices across the country will be higher in 12 months’ time. However, expectations softened from October, and remain subdued by historical standards.

“This is unlikely to change significantly while the macroeconomic landscape remains uncertain, with most housing market experts predicting greater downward pressure on house prices as we move into 2021.”

 

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