Half of UK home owners think their property value will rise in value in 2016
Half of home owners in the UK expect the value of their property to increase in 2016 and only 2% are concerned that prices will fall, a new survey shows.
There is a continued confidence in the UK property market, according to the annual house buyers research report from Clydesdale and Yorkshire Banks.
Figures shows that house price confidence has doubled since 2013 and is only slightly less than it was in 2015 which the report says underlines the stability and levelling out of the property market.
The new findings show that overall only 2% of the population are concerned that their home will decrease in value while 48% anticipate no change.
Back in 2013 9% thought prices would decrease, 66% thought they would stay the same and just 25% thought they would increase.
‘There have been great changes within our property market and our latest research shows a sustained level of confidence in property values over the past three years,’ said Steve Fletcher, director of retail banking at Clydesdale and Yorkshire Banks.
The research reveals that London remains the key property hot spot with 73% of those surveyed confident in escalating prices in the capital and none predicting a downturn in property prices.
In contrast just 33% of respondents in the North West believe their property will increase in value in 2016, with 65% believing there will be no change and 2% fearing a decrease.
In Scotland 43% said they think prices will increase, 51% think they will stay the same and 6% believes there will be a decrease, while in Wales it is just 36% who think prices will rise, 64% think they will stay the same and none think they will fall.
‘There are a number of different factors which have played their part in the ongoing recovery of the property market. The Bank of England base rate has remained low and there has been steady growth in property prices and this has been reflected with sustained confidence of UK home owners,’ said Fletcher.