Londoners expect house prices to rise 6.2% by Christmas – but outside London and the South-East, home owners are less confident.
Although 57% of home owners expect house prices to rise over the next six months, the proportion has fallen from the 59% who thought the same in March. In early 2010, 81% of home owners thought prices would rise.
The statistics are from property portal Zoopla, which surveyed 4,146 home owners for its latest findings.
Those who do think house prices will rise are predicting an uplift of 2.6% over the next six months.
In London, however, 74% of home owners are expecting house prices to rise between now and the end of the year, up from 68% three months ago.
In the rest of the South-East, 63% of home owners are confident prices will rise compared to only 58% three months ago.
Tight lending conditions continue to trouble consumers, with nearly one-third (32%) of home owners surveyed saying that it is harder to get a mortgage now than three months ago, 55% claiming there has been no change to lending conditions and a mere 12% believing that obtaining mortgage finance is getting easier.
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Comments
Pebee - I see your point yes i agree it could easily have gone the other way for R&R. Not sure if he will see it that way or not.
Unhappy Chappy: I suggest you read what I say again, Sir. I am querying why my old sparring buddy rantnrave would wish to change what he has for the turmoil of home ownership!
There is EVERYTHING fortunate about rant's position, as it could just as easily have gone the other way. Indeed, from what I recollect of his stated history, prices went UP for quite some time when he was sitting it out in rented waiting for the bubble to burst (rant - your input here would be appreciated if I am incorrect...). For every 'rant', there are dozens... hundreds, more like, who have made similar decisions which have gone sour. Life is a throw of the dice - one man's six is another's deuce.
Fact - rant wants to buy.
Fact - he doesn't want to buy a lemon.
Fact - he will sit it out until HE feels the time is right.
Fact - he is not alone in this thought process.
That is all well and fine. He is gifted (as we all have been...) with the power of free choice. I just happen to see someone who won't be happy until he is a homeowner. For all you know, Unhappy..., he could well be the prospective buyer for YOUR house!! See - I'm actually DOING the job for you and haven't even agreed a Fee!!
Hey - you can't blame a lad for trying his hand at changing someone's mind, can you? That's what a salesperson should be doing on behalf of their supplier (in this instance the homeowning population). rant knows exactly my agenda; as does Sibley's..., FTB Dan et al.
ANYWAY - changing minds is EXACTLY what you are trying to do with your fees issue... ;o)
Pebee - You make a compelling case for not buying :0) Why do you say he is fortunate there is nothing i read which suggests so.....he has made life decisions and saved hard nothing fotunate about that.!
Now the article is about home owners expectations......which seem to be at odds with many EA's perceptions on here. I am talking what the beiieve will happen not what the want to happen.
For the record I think they will correct but gently down a few years, as i see no economic indicators that would suggest them rising.
rantnrave: From what you say, you are in what I would describe as a fortunate - yet tenuous - position.
It is clearly 'working' for you, and you are fairly happy with the current situation. For others, not so.
In many respects, you should continue doing what you currently do.
You seem not to fear the possibility of your current landlord serving you a S21; for all I know you may even consider that a change be as good as a rest - and this way you move without the stress and strain of selling!
You are apparently 'making' money by renting - and one way or another I cannot see that changing, mate. If and when it becomes significantly cheaper to buy than rent they'll all be doing it (subject to availability of funds of course, which is the main hurdle now...) so prices will toddle off into the stratosphere again - you might as well sit out the next few years and coin it in...
You get all your repairs done free gratis (well - you know what I mean...) - many householders will envy you for that one alone!
YET, you still yearn to own. The question begs - why?
Talk to me, bud... why give up what you have for the nightmare of ownership??
I'm in my 30s, married, and rent a place. My rent is subsidised by the growing interest on the substantial deposit I have saved and continue to add to. House prices are also falling by more than my rent payments each month. Having not bought in the last few years, I don't have to worry about negative equity either or having to sell up in a stagnant market to take up a job elsewhere if I needed to.
Jonnie there are a Myriad of reasons for 30 somethings to be living with there parents. I am not sure what poiint you are trying to make....or even what question you are asking? please explain. btw i am neither a 30 something or living with my parents.
.....INCOMING!
Interesting,
Do six in ten 30 somethings still living with Mum and Dad sleeping in the same single bed since they came out of a cot waiting to save a deposit from their miserable dead end job, that not worthy of the pointless degree they got while swotting up on amateur economics and spouting ill informed cobblers like a knob head 6th form student think they are interesting and will be a hit with the ladies when they go out this weekend (- Phew, I went on a bit there with no full stop!)
Opinions please, im quietly confident we have a suitable audience to nail this one and see how over confidence measures up.
Jonnie
Brain, Sounds like a normal day out shopping to me.
(except without the lifeboats)
FTB Dan - doubt you would be, you would be the one kicking kids and women out the way to jump into the life boat first.
Dear AC
I have idiot agents here as well but I just actively encourage them and watch them spend money without success.
The more they spend the quicker they will close up shop and then the likes of us can get on with sensible business.
Have you turned down instructions at too high a price? I certainly have.
I think sentiment will change over the next few months. The spring bounce is over, viewings are falling and the economic news is getting worse.
The government know things are bad and just cut a 20% of our army just after the recent previous cuts this year. Its when Ireland defaults I think the British house seller will suddenly become more realistic.
Till then there are a few suckers/buyers with more money than sense floating round. A little rarer than they use to be but still there.
"Nearly six in ten home owners expect house prices to rise"
Be it hope or expectation, most Homeowners are also buyers when they come to sell, so most agents will take comforting news that when there is a growing expectation prices will rise you tend to see buyers are usually keen to buy sooner rather than later as a result.
Self interested delusion. If I was on the sinking Titanic I would probably convince myself it was about to go back up again.
@vossy
So far (touch wood) I have not lost any commission when a house has gone on the market with another agent for way more money.
Actually, I have, when I called up a lost valuation to try and get them on the market with me.
In the process I reminded the owner what the correct price was , so they gave their existing agent a price reduction and they sold it.
There's a word for that, best not use it here.
@ Anonymous Coward...couldnt agree more however same thing happened to me and guess what....the lucky B@#stards only secured 2 buyers at full asking price...talk about egg on my face...more like a whole omlette.
Just goes to show there are still idiots out there with more money than brains (just like the lottery winners who went public!).
Headline is wrong - it should be "hopes" not expects
Mental, they are all bloody mental.
In what world is that expectation in any way sensible.
Everybody knows (surely) that the financial crisis is a million miles from being over.
Definitely the triumph (and folly) of hope over adversity.
Last week I valued a house bought at the peak of the market (with work necessary).
They have done a bit (not lots) to it and I said that it was worth £60k more than they paid for it. I was being polite.
It went on the market for an EXTRA £75k on top of that with one of my (stupid) competitors.
That is a promised profit of £135k for a lick of paint and some nice light switches (no joke).
I wish my esteemed competitors the very best luck in trying to sell this over priced turkey.