UK residential property prices are
expected to continue rising during 2013
UK residential property owners are expecting house prices to rise by 4.5% within the next six months, according to new research by the property search portal – Zoopla.
The property portal based its findings on replies from 4,116 people in the last week of March 2013, of whom 3,485 were residential property owners.
This is the biggest predicted UK house price increase by home owners in more than three years, the property search site said.
The proportion of home owners who think that residential property prices will increase this year is also at the highest level for almost three years, with 74% predicting house prices in their area will increase, the most since the second quarter of 2010.
Confidence in the UK property market has grown noticeably over the past few months as only 65% of home owners predicted an increase back in December 2012.
Just 13% of all home owners questioned now expect house prices to fall over the course of the next six months, down from 19% at the end of last year.
Home owners in Yorkshire and the Humber are the least confident about price increases in the UK property market with only 61% expecting prices to rise over the next six months, compared with 89% of London home owners who predict rises by the end of the 2013 summer.
MyPropertyPowerTeam asked a small proportion of its subscribers what they expected UK residential property prices and the UK property market as a whole would do during 2013,
- 25% of investors didn’t care if property prices increased so long as there was scope for decent rental yields
- 38% were confident that the UK residential market would show price increases in major cities and the surrounding areas
- 23% were hoping that Buy-To-Let mortgages and finance would become easier to obtain
- Only 14% expected residential house prices to remain subdued
With residential property prices increasing it may keep the UK rental market buoyant as tenant demand for suitable rental property continues to increase.
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