We don't know what to think of housing market, say consumers
Monday 25th October 2010
One in three consumers believes house prices will fall over the next year – but one in four believes they will go up.
According to a consumer confidence survey released by Rightmove this morning, the highest proportion of consumers (36%) think house prices will stay the same. Only 5% said they had no idea which direction prices will go in.
But the 32% of those who believe house prices will fall is a higher percentage than this time a year ago, when only one in ten believed house prices would drop.
The huge survey of 25,584 consumers took place in the first two weeks of this month.
The main reason cited by those believing that house price falls lie ahead was lack of confidence in the economy. But the main reason given by those believing that house prices will rise is confidence in the economy. Nearly a quarter of these optimists believe that the housing market is improving.
In contrast, 20% of the price pessimists believe that the housing market will worsen. The same proportion of pessimists also see little or no improvement in the mortgage market, whereas 12.4% of the optimists see mortgages as improving in terms of both rates and availability.
Miles Shipside, director of Rightmove, said: “If you saw such an even distribution in opinion after using an Ask the Audience, you’d probably follow very quickly by using your Phone a Friend. It’s unusual to see such a split, but it shows that current economic uncertainty is forcing people to take sides in their view of the housing market.”
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