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Confidence in UK’s Property Market Post-Brexit Stabilises

Almost six in ten people believe house prices will continue rising in the UK, according to a new survey.

A poll of around 2,000 people, produced by Ipsos Mori and commissioned by mortgage lender Halifax, found 58% expect prices to continue increasing in the next 12 months, compared to just 14% who thought prices will decline.

Compared to Halifax’s previous survey, released in October 2016, April’s figures show an improvement in the net index reading, rising from +42 to +44 - signalling a pick-up in confidence since the Referendum result.

Further data suggests more people are expecting price increases to be modest, said Halifax, with the proportion of those forecasting growth in property values around the 5% mark rising from 25% to 30% since October.

However, the proportion of those confident that prices will increase by more than 5% stood at 28%.

Commenting on the figures, Martin Ellis, Halifax’s housing economist said:

“House price optimism is little changed since the October 2016 measure, which is significant because it was the first post Brexit survey and recorded the steepest fall since the tracker began. The latest results suggest that consumer confidence in the housing market is potentially settling into a new lower ‘normal’.

“This sentiment echoes the slowdown in the annual rate of house price growth, which has more than halved over the past 12 months.”

In other property news, new research by online property searching platform Rightmove found that asking prices across England and Wales have reached a new peak of £313,655.

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