The annual Housebuyers Research from Clydesdale and Yorkshire Banks highlights the stability and levelling out of the market as the latest figures show confidence has doubled since 2013 and is only slightly less (4%) than it was in 2015.
The new findings also show that only 2% of the population are concerned that their home will decrease in value while 48% anticipate no change.
Confidence in the Property Market:
|
Jan 2016 |
Jan 2015 |
Jan 2014 |
Jan 2013 |
|
|
Increase |
50% |
54% |
48% |
25% |
|
Stay the Same |
48% |
44% |
49% |
66% |
|
Decrease |
2% |
2% |
3% |
9% |
Steve Fletcher, Director, Retail Banking at Clydesdale and Yorkshire Banks, said: “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.”
London remains the key property hot spot with almost three quarters of those surveyed (73%) confident in escalating prices in the capital and no-one predicting a downturn in property prices.
In contrast only a third of respondents in the North West (33%) believe their property will increase in value in 2016, with 65% believing there will be no change and 2% fearing a decrease.
|
Region |
Increase |
Stay the Same |
Decrease |
|
London |
73% |
27% |
0% |
|
South East |
64% |
34% |
2% |
|
East |
60% |
38% |
2% |
|
South West |
52% |
44% |
4% |
|
UK average |
50% |
48% |
2% |
|
Midlands |
43% |
56% |
1% |
|
Yorkshire |
43% |
54% |
3% |
|
Scotland |
43% |
51% |
6% |
|
North East |
42% |
49% |
9% |
|
Wales |
36% |
64% |
0% |
|
North West |
33% |
65% |
2% |
Steve Fletcher added: “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 homeowners.”
Clydesdale and Yorkshire Banks have a range of competitive mortgages to suit different needs from those buying their first home to those moving into their dream property. The Banks also recently launched a new Home Mover Mortgage specifically designed to help those struggling to take the next step up the property ladder.
