Homesowners confidence in property market increases.

According to the Housing Market Sentiment Survey, three out of five UK homeowners expect house prices to rise over the next six months.

Confidence in the market outlook has strengthenend from its record low at the end of last year when only 54% of homeowners expected prises to rise, but remains below the levels seen a year ago when 81% expected prices to rise.

It is reported that homeowners are also more optimistic about the amount by which they expect house prices to rise in the coming months.  They expect prices to rise by an average of 2.8% over the next six months, noticeably up from the 1.9% predicted three months ago.  The number of respondents who expect values to drop over the next six months has fallen to 25%, down from 33% in December.

Typically British, homeowners remain more confident about the prospects of the value of their own home compared to those of their neighbours.  On average homeowners predict the value of their own properties to grow by 3.2% over the next six months.

We have to ask ourselves "will this be a self-fulfilling prophecy?".


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