Housing market confidence at 3 year high

The proportion of homeowners who think that house prices will increase this year is also at the highest level for almost three years with three quarters (74%) of those surveyed predicting prices in their area will increase, the most since the second quarter of 2010.

Confidence has grown notably over just the past few months as only 65% of owners predicted an increase back in December. And only 13% of owners now expect prices to fall over the course of the next six months, down from 19% at the end of last year.

Owners in Yorkshire and the Humber are the least bullish with only 61% expecting property prices to rise over the next six months. In stark contrast, 89% of London homeowners predict prices to rise by the end of summer making them the most confident property owners in the UK.

Lawrence Hall of Zoopla.co.uk commented: “The housing market has seen a number of positive events in recent weeks including the Budget and growing confidence from homeowners is a significant step towards a recovery. With first-time buyer lending gradually increasing and mortgages becoming more readily available, there is real belief that the property market is starting to turn a corner and finally drag itself out of the hole since the financial crisis.”

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