Property market confidence dips amid ‘economic uncertainty’Tuesday, 01 November 2011 09:55
Confidence in Britain’s housing market is waning, with more people predicting that property values will decline than increase over the next 12 months, a report published today suggests.
The Halifax said that 30 per cent of the 1,986 consumers it polled expect a drop in price by next year, marginally higher than the 28 per cent who think prices will rise.
But the opinion is split three ways, as 27 per cent of people surveyed said they believe prices will be unchanged in a year’s time.
According to the lender's study, owner occupiers are feeling more pessimistic about the housing market than the public as a whole.
A third of homeowners believe the UK average property price will be lower a year from now, compared with a quarter who think that it will be higher.
At the same time, 80 per cent of owner occupiers polled think the next 12 months would be a bad time to sell their home, compared with 58 per cent who think it would be a good time to purchase property.
Housing economist at the Halifax, Martin Ellis, said: “It is unsurprising that confidence in the housing market has been shaken a little over the last few months given the increasing uncertainty about the current economic environment.”