Annual bank survey suggests optimism is returning to the UK real estate market
Optimism is returning to the UK property market with the number of people planning to move doubling over the last 12 months, according to a new survey.
At the start of 2013 only 7% of those surveyed as part of Clydesdale and Yorkshire Banks’ annual house buyers research aimed to move to a new home within the next 12 months, however this has now doubled to 14%.
The latest survey also shows that 58% now plan to stay in their current home compared with 62% in January 2013, and 22% plan to improve or extend, no change since a year ago.
The largest percentage of those planning to move are in the London area where 18% intend to buy a new home in 2014, closely followed by 17% in both Wales and the Midlands. In contrast only 11% of those surveyed in both Scotland and in the North West have included moving house in their plans for the New Year.
Optimism also remains high that the value of homes will increase in 2014 with only 3% anticipating that the value of their home will drop in 2014 while 48% think it will rise.
‘A New Year is traditionally a time for planning and looking ahead and our survey has shown that moving home is again becoming a priority for many people,’ said Andrew Pearce, retail director for Clydesdale and Yorkshire Banks.
‘Our annual house buyers research has also highlighted that this is coupled with sustained confidence in property prices with almost half of those surveyed anticipating that the value of their home is set to increase,’ he added.
He also pointed out that Clydesdale and Yorkshire Banks have just launched a new range of mortgages. As well as products for those looking to take their first step on the property ladder, there are a number of mortgages fixed for two and five years which come with a £500 cash back offer and no arrangement fees on selected products. The first time buyer and fee offer mortgages come with a free standard valuation and there is no funds transfer fee.