Young people increasingly optimistic about house prices
Over-45s expect house prices to fall over the next 12 months while those under 45 expect prices to rise
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Friday 20 July 2012
More people expect house prices to rise than fall over the coming year, with a third forecasting that the average UK house price will rise over the next 12 months. Only a fifth predict a decline in prices over the same period.
"Confidence in the housing market has weakened a little over the last three months, reflecting the increased uncertainty regarding the economic outlook," said Martin Ellis, housing economist at Halifax which released the figures today. "The public's confidence in the housing market, however, has been very resilient so far this year. Overall, we expect little change in prices and sales over the remainder of the year provided that the UK's economic outlook does not deteriorate significantly."
Those living in London and Wales are the most confident about the prospects for the housing market, followed by the South East and the East of England. People in the East Midlands have the least positive outlook for house prices, followed by the North East.
Men appear to be slightly more optimistic than women about house price prospects, with 38% of men predicting that house prices nationally will increase over the next year compared with 32% of women.
In terms of age, 16-24 year olds and 25-34s are the most optimistic regarding house prices. These findings coincide with the latest survey from Knight Frank/Markit which found a marked difference in outlook for house prices among those who are under and over 45.
All age groups under 45 expect house prices to rise over
the next year, while all of those aged over 45 expect prices
“The age ‘gap’ between those over and under 45 is perhaps some reflection of how the economic developments are affecting those at different times of their life," said Gráinne Gilmore, head of UK residential research at Knight Frank. "It is typically older homeowners who own their house outright or who have paid off a significant chunk of their mortgage. These households seem to be preparing themselves for an erosion of the value of their asset as house prices fall. In contrast, younger families and individuals face an uphill battle to move home or get on to the housing ladder, and if prices rise as they expect, this will exacerbate their problems."
Tim Moore, senior economist at Markit, said: “Twice as many households reported a drop in their property value as those that saw a rise in July, and the national balance would have been far lower without the positivity recorded in London. Looking ahead, the survey shows that house price expectations in the capital have long been detached from the rest of the UK."
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors
A three-bedroom maisonette flat in a Grade I-listed, Georgian townhouse in a sought-after location
A one-bedroom apartment located within a private gated development, north of Turnham Green
Look forward to a brighter future at two-bedroom Sunny Cottages, ideal for Londoners looking to downsize
A three-bedroom red-brick cottage with outbuildings and pretty gardens, £200,000
This three-bedroom flat within a former textile factory spans the corner of the fourth floor and has a balcony
A charming four-bedroom Oxfordshire cottage with oak floors and chunky-beamed ceilings, £465,000
A beautiful one-bed flat in a sought-after portered block, with access to Norland Square communal gardens
A one-bedroom flat within a Sixties school conversion with high-spec design and open-plan kitchen, close to Lambeth North Tube, £435,000
A 17th century four-bedroom house, with open fireplaces, cellar and pool, £600,000
A three-bedroom, coach house with luxury open-plan living space and contemporary breakfast bar
A newly refurbished one-bedroom flat in the heart of Mayfair, close to Grosvenor Square
A charming four-bedroom house overlooking Burleigh Square Park, close to Thorpe Bay
A three-bedroom farmhouse with a large inglenook fireplace and exposed beams
A boutique mews house, set around a central courtyard, with three bedrooms and a private roof terrace
A four-bedroom farm-conversion with three bathrooms and two reception rooms
A two-bedroom detached house with ensuite bathrooms and a sun-drenched decked terrace, £750,000
A modern and spacious two-bedroom, penthouse flat with two bathrooms in a prestigious development
A beautifully renovated five-bedroom terrace with three reception rooms and a courtyard garden, £700,000
Life & Style blogs
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
- 1 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 3 Israel-Gaza conflict: The myth of Hamas’s human shields
- 5 Dutch paedophile club to fight their ban at the European Court of Human Rights
£49000 - £55000 per annum + competitive: Progressive Recruitment: My client is...
£48000 - £54000 per annum + Benefits package: Progressive Recruitment: My clie...
£35000 - £45000 per annum + competitive: Progressive Recruitment: If you're pa...
£45000 - £55000 per annum + competitive: Progressive Recruitment: SAP Business...