Confidence returning to the property market.
Two new surveys have claimed that the general public is finally gaining confidence in the residential housing market and a third survey separately pinpoints growing optimism among first-time buyers.
The Halifax revealed on 25th April 2012 that 39% of respondents to its ‘Housing Market Confidence tracker’ poll believe that house prices nationally will increase next year – almost double the proportion that believe they will go down.
Another similar poll by property portal Zoopla says that 67% of British homeowners expect house prices to rise over the next six months. The average property price across Britain is expected to rise 3.9% between now and October. This poll also says that people are now finding it easier to get a mortgage than at the end of last year, with 17% saying availability has improved. However, in the Halifax poll, 25% think that the lack of mortgage availability is a major obstacle to home buying, and 45% think that raising a deposit is a serious problem.
The Halifax survey says that most people still think of it as a buyer’s market: 55% think now is a good time to buy, more than double the 24% who believe it is a good time to sell.
In a third poll commissioned by the Post Office, aspiring first-time buyers were asked about their plans. Of those who plan to buy within the next five years, 14% expect to buy this year, and 22% next year.
Almost half (45%) are confident of being able to fund the deposit themselves by saving up, while 16% will get help from their parents and the same proportion plan to use the government’s FirstBuy scheme.