Fewer home owners expect house prices to rise over the next six months than at any point in the last year.
Even so, more than half (55%) expect house prices to go up this year. The average prediction is by 2.2% although home owners are convinced that their own property is worth more and will rise by 2.8%.
The finding emerges in a survey by Zoopla of just over 5,000 consumers, of whom 4,700 were home owners.
Three months ago, 59% expected house prices to rise by 2.7%.
The latest survey finds that only 24% of home owners expect the value of their own property to fall over the coming six months, although 29% expect house prices in their area to fall.
In London, 72% of home owners expect average values in the capital to rise over the next six months, up from 68% last quarter. The average prediction is by 4.8%.
Nicholas Leeming, Zoopla director, said: “Londoners are living in a market detached from the rest of the UK.”
Comments
You'll be referring, of course Pbroagent, to Sarah O'Grady of the Daily Express c'est ne pas?
Ha ha. Talking of politicians, you should try having a certain MP who's wife is a certain property jounalist for a certain national newspaper, the propriator of which has a mahoosive BTL portfolio (alegedly).
Apparently their swimming pool works fine now though ;o)
POTW - I could not agree more....I have trouble convincing family and friends...let alone politicians and the media.
It just shows how deeply entrenched this insane idea is that house prices always and constantly go up. Where I live house prices now are about the same as they were in 2003 - but still people think their house is worth a lot more now than it was then.
I would have thought it was about time someone in your industry started making noises about house price rises being based on cheap and easily available credit - that house prices should only rise in line with general inflation - that we had a long period of unsustainable house price rises - and now we face a long period of consolidation. Something to start pricking the bubble of the nation's collective consciousness.
Mind you with most of the media property pundits up to their ears in debt and BTL loans you'll have a hard job getting anyone to carry the message.
Pointless zoopla survey....unless they put it on the market and see what offers they get or try to remortgage they will never know the value of there property