A new study by UK mortgage lender Halifax reckons that optimism is picking up among property investors, with more investors predicting a boost in the fortunes of UK residential property market than those predicting a dramatic fall in UK property values.
Just under 30% of those surveyed by the Halifax feel that UK property prices will increase in the next 12 months, up from nearly 28% from October 2011.
22% say UK property prices will decline, a fall of 8% on October 2011’s figures.
However, most people are predicting a year of stability in the UK housing market rather than any major changes, with 66% not expecting to see a rise or fall in property prices of more than 5%.
With the real possibility of an influx of overseas investors as the Olympics draw closer, optimism is high with many hoping that the hosting of the games in the nation’s capital will give the UK property market a much needed boost. Meanwhile, people in the North East are the least hopeful of price rises.
Halifax Chief Housing Economist, Martin Ellis, said: “The modest improvement in consumer confidence in the outlook for house prices reflects the resilience of the UK housing market over recent months in the face of a weak economic recovery and the deterioration in the outlook for both the UK and global economies.”
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