Homeowners are more confident now about the outlook for the British property market than they were at this time last year, according to the latest Zoopla Housing Market Sentiment Survey.
Nearly two-thirds (63%) of homeowners surveyed believe that house prices in their area will rise over the next six months, up from 59% at this time last year. Only one in five (21%) homeowners expect property prices to fall during the next six months, down from 26% last year.
And the level by which homeowners expect house prices to rise has also improved over last year with the average homeowner now predicting a 3.4% rise in their local property prices over the next six months, up from 2.7% last year. Curiously, homeowners remain more confident about the performance of their own homes (expecting them to rise by 3.8%), than those of their neighbours.
London’s homeowners are the most optimistic about the state of the British property market. Four in five (82%) owners in the capital believe prices will rise in their area over the next six months with average growth of 4.7% expected over this period. Owners in Northern Ireland are the least optimistic with just 53% expecting property prices to rise by March next year.
Lawrence Hall of Zoopla.co.uk commented: “Late summer and early autumn are busy periods for the property market which can lead to a boost in homeowner confidence. The fact that optimism is up compared to last year is a good sign, however, confidence levels remain well below the levels seen in late 2009 and early 2010.”