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House prices to rise by the end of the year predict homeowners

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Wed 31 Jul 2013

House prices to rise by the end of the year predict homeowners

According to data collected by Zoopla 80 per cent of homeowners believe that property values will rise over the next six months. Predominantly homeowners are confident of a rise, however 7 per cent believe that values will drop between now and the end of the year. Furthermore, 26 per cent of homeowners believe it is easier to obtain a mortgage now than three months ago. 

The research has revealed that homeowners in the West Midlands have had the largest increase in confidence with 78 per cent predicting a rise in their area. Wales is the most pessimistic with 13 per cent of homeowners anticipating a fall in property prices by the beginning of 2014. The most positive sentiment remains in London with 93 per cent of homeowners predicting a rise.

Lawrence Hall of Zoopla said: "Homeowner confidence is crucial to a healthy housing market. Without it sales activity tends to be low, which jams the brakes on the entire property chain. The trials and tribulations of the financial crisis drained confidence out of the market, but it is making a strong comeback.”

"With mortgage availability improving considerably in the last few months, the first time buyer market is moving again and revving the engine of the whole housing market. And the improvement in confidence isn’t limited to just London and the South East, it’s sweeping across the whole of the UK."