Consumers tell Rightmove: no more house price falls
People do not expect house prices to fall any further over the next year, according to Rightmove’s latest consumer confidence survey.
Over three-quarters (78%) of respondents supported this view, in complete contrast to the survey carried out in January, when two-thirds (66%) of people felt that house prices would be lower in the following 12 months.
Rightmove commercial director Miles Shipside said: “With increasingly positive public sentiment supported by encouraging recent market reports, the UK property industry is now seeing a virtuous circle of confidence building upon confidence.”
He added: “This vote of confidence has positive and negative connotations. The sentiment of future buyers is a precursor to a speedier recovery in depressed transaction levels. However, it is also a signal that some of them will be willing to pay a bit more.
“This will give encouragement to many existing home owners with borderline equity, but cause concern to a potential buyer hoping their own mortgage ability improves before any significant price uplift.”
The Rightmove survey charts the opinions of over 36,000 respondents on all issues of the UK property market.
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Comments
Has anybody noticed reports and comments made by Rightmove that they are going to be increasing agents subscriptions next year.
Reported on website REUTERS UK 21st August (story heading RIGHTMOVE CONFIDENT ON YEAR)
Particularly second two paragraphs on Reuters story.
Are they having a laugh! On one hand they report how much money they are making out of us and the next they say they are going to charge us even more!
I'm trying to visualise a "virtuous circle of confidence". Isn't this the same as saying "What goes around, comes around"!