Biggest jump in house price confidence among homeowners in the North

UK homeowners
predict 7.2 per cent increase in property prices in the first six months of 2014

A survey of nearly 8,000 UK homeowners by Zoopla reveals that 92 per cent of homeowners expect house prices in their area will rise over the next six months, up from 65 per cent last year. Only three per cent believe house prices will fall, down from 19 per cent this time last year.

Overall, UK homeowners predict house prices will rise just over seven per cent between now and summer, up from 5.7 per cent three months ago and from 3.2 per cent this time last year.

Although Londoners are the most optimistic - 98 per cent expect a rise in property values - the largest jump in confidence is in Yorkshire/The Humber and the North West where the proportion of owners who believe property prices will increase over the next six months has risen from 84 per cent three months ago to 88 per cent.

“Across the country, homeowners are starting the New Year far more positive about the health of the property market," said Lawrence Hall of Zoopla.co.uk. "Early indicators suggest that we can look forward to a busy first few months to 2014, as current levels of confidence are likely to fuel more transactions. With 2013 characterised by the wave of government initiatives to lure first-time buyers onto the property ladder, 2014 could well be the year we see activity levels increase significantly.”

Are rising house prices leading to higher numbers of homemovers?  

The survey also revealed that there has been an increase in those considering buying a property over the next six months in the first half of 2014, up to 22 per cent from 19 per cent  in September 2013.

According to the latest figures from the Office for National Statistics, house prices in the UK rose by 5.4 per cent in the 12 months to November 2013. Annual increases in England were driven by rises in London (11.6 per cent), the South East (4.5 per cent) and the West Midlands (4.4 per cent). Excluding London and the South East, UK house prices increased by 3.1 per cent over the same period.

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