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TODAY'S OTHER NEWS

Sentiment Soars: 80% of homeowners expect prices to rise this year

Over 80 per cent of home owners say they expect house prices to rise in their area before the end of 2019 - and that rise is typically approaching five per cent.

Zoopla’s latest Housing Market Sentiment Survey found 81 per cent of owners expect rises averaging a hugely optimistic 4.8 per cent.

Regionally, those in Yorkshire and Humber and the North West are the most optimistic about their local property market; 91 per cent of respondents in both areas expect house price rises over the next six months. 

Just behind, Scotland is the third most optimistic region, with 90 per cent of homeowners expecting an increase. 

In contrast, London is the least confident region, with only 67 per cent expecting rises. The South East and the North East are the second and third least confident regions, with 74 per cent and 78 per cent anticipating increases respectively.

When it comes to the rate at which homeowners think local house prices will increase in value in their area, those in Scotland are the most confident, with homeowners who believe there will be a price increase predicting properties in their area to rise in value by 5.5 per cent over the next six months. 

Of those who do believe there will be a price increase, homeowners in the North East are the second most confident, followed by the West Midlands, with the regions expecting properties to grow in value by 5.4 per cent and 5.1 per cent respectively. 

The lowest house price growth is expected in the North West, where homeowners anticipate an increase of 4.45 percent.

Zoopla itself says these findings come despite evidence of a slowing housing market and ongoing political uncertainty. 

“Whether or not these forecasts prevail, consumer sentiment plays a crucial role in the health of the housing market” according to Laura Howard, a spokesperson for the portal Zoopla. 

“A feeling of stability means buyers are more likely to start actively looking for their next home, confident that now is the right time to make a purchase. And, in turn, an active pool of buyers will encourage sellers to list their homes for sale” she continues.

“This not only brings buoyancy to the housing market, but also offers an opportunity for agents. Vendors fuelled with optimism for house price growth will need to listen carefully to the advice of their estate agents when looking to sell their homes, relying on agent’s local market expertise and experience to accurately price their properties. 

“Consumer positivity must be channelled to ensure that pricing is correct from the outset, this is vital for a swift sale at a price that’s as near to asking as possible.”

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