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Confidence in UK Property Remains Steady in March

The majority of UK households believe that their property rose in value this month.

House Price Sentiment Index Stays Positive for Eighth Consecutive Month

UK homeowners continue to feel that their homes are increasing in value – despite prevailing fears about the impact of Brexit.

Published ahead of today's triggering of Article 50, March’s House Price Sentiment Index, conducted by Knight Frank and IHS Markit, found that for the eighth consecutive month, property owners are remaining positive about the UK property market, generating a national average score of 57.5 – unchanged from February.

The index uses 50 as a median figure, with anything above 50 counted as a score towards positive sentiment and anything below 50 as negative.

Regionally, respondents in the South East were the most positive, registering a score of 64.4. This was followed by London and the East, where averages of 64.0 and 59.6 were achieved.

However, not all regions remained in line with the positive correlation of sentiment, with both Wales and the North East registering scores of 49.3 and 48.2 respectively, indicating that respondents believed property prices declined over the course of March.

In addition to current values, the index also addresses how respondents feel the market will change in the future, with the national average remaining more positive with an average score of 66.8 – down from the post-referendum high of 67.5 seen in February, but still the second highest score since last June.

The most confident regions remain largely similar with the South East (75.6), the East (72.8) and the West Midlands (72.2) remaining the most positive.

Respondents in the capital remain reserved as to the prospects for the housing market in London, generating a score of 68.5 – the fourth lowest of the 11 regions surveyed, behind Yorkshire and the Humber (63.7), the North West (61.3) and Scotland (51.0).

The publication of the index follows the news yesterday that Manchester has emerged as the UK’s leading city for property price growth – with London falling to 10th place in the rankings.

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