New research from Clydesdale and Yorkshire Banks has highlighted the continued confidence in the UK property market, with half of homeowners surveyed predicting that the value of their property will increase over the next 12 months.
This underlines the stability and levelling out of the market, according to the banks' annual Housebuyers Research, with the figures showing that confidence has doubled since 2013 (when only 25% of homeowners anticipated a price increase) and is only 4% below the figure recorded a year ago (54%).
Not only that, but a mere 2% expect their home to decrease in value over the year ahead – the same as a year ago and well below the 9% who thought the same in 2013 – with the remaining proportion of respondents anticipating that there won't be any change.
Perhaps unsurprisingly, those living in London are the most confident in future price rises, with 73% of respondents in the capital thinking that prices will escalate in the year ahead, with absolutely no-one predicting a downturn. This was followed by homeowners in the South East (64% predicted a price rise) and East (38%).
"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," commented Steve Fletcher, director of Retail Banking at Clydesdale and Yorkshire Banks.
"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."
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