Will house prices rise in your area in the next six months?
04-22-2016
Will house prices rise in your area in the next six months? Some optimistic homeowners expect values to rise by 12% (nearly twice as much as they did in the whole of 2015)
• Homeowners in the East of England and the South East of England are most confident, according to new survey
• It found those living in Wales, Scotland and the North East of England tend to be less confident
• It comes amid concerns about the EU referendum and the global economic outlook
By Myra Butterworth For MailOnline
British homeowners seem wildly optimistic over the likely increase in their house price in the next months, a new survey has revealed.
A total of 92 per cent expect property values where they live to continue heading north in the next six months, typically growing by 9.5 per cent - which is more than the 6.7 per cent that official figures show the average house price rose in the whole of 2015.
The survey by property website Zoopla found homeowners were confident despite uncertainty about the global economic outlook and the EU Referendum.
Homeowners are confident that house prices in their areas will increase in the coming months
Those in the East of England and the South East of England are most confident, with 96 per cent in both regions expecting prices to continue rising.
They are followed by those in London who expect to see the biggest increases in value of 12.5 per cent.
Those living in Wales, Scotland and the North East of England tend to be less confident - although the vast majority still expect prices to rise.
In Wales and Scotland, 85 per cent of homeowners expect prices in their area to rise in the next six months while in the North East 80 per cent predict prices will increase.
Homeowners living in London expect to see the biggest house prices increases of 12.5 per cent
EXPECTED INCREASE IN HOUSE PRICES
London 12.50%
North West England 10.50%
South East England 9.80%
East of England 9.70%
West Midlands 9.60%
East Midlands 9.10%
South West England 8.70%
Yorkshire and the Humber 8.60%
Scotland 7.50%
North East England 6.60%
Wales 6.30%
Source: Zoopla
It follows an earlier separate survey published by the Royal Institution of Chartered Surveyors that found a 'climate of uncertainty' lies ahead for the housing market.
It blamed new stamp duty changes that have made buying a property more expensive for buy-to-let investors, the EU referendum, and forthcoming devolved elections.
Further gloomy news for the housing market emerged this week when one of the country's biggest landlords claimed Britain is heading for another 'bust' in the property market as the global economy lurches back into crisis.
PERCENTAGE OF HOMEONWERS EXPECTING HOUSE PRICE RISES
East of England 96%
South East England 96%
London 94%
West Midlands 93%
South West England 92%
East Midlands 91%
Yorkshire and the Humber 91%
North West England 90%
Wales 85%
Scotland 85%
North East England 80%
Source: Zoopla
The Duke of Westminster's Grosvenor Group, which owns billions of pounds-worth of land around the world, sounded the alarm over house prices in London and the international outlook.
'It is not possible to predict with certainty when a correction will occur, but the inevitability of the property cycle's booms and busts means that it is only a matter of time,' said finance director Nicholas Scarles.
The Zoopla survey found that across the country, homeowners expect the value of their property to increase by 8.8 per cent on average in the next six months.
The research also found that 44 per cent of homeowners plan to improve their properties during this period.
Lawrence Hall, a spokesman for Zoopla, said: 'Despite uncertainty around the upcoming EU referendum, this does not appear to have knocked consumer confidence levels.
'As you'd imagine, those who live in areas that have seen the most marked property value increases over the past few years, such as London, the East of England, and the South East, have the most confidence in further value rises over the coming months.'
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