Home values expected to surge

Nine in ten homeowners expect property prices to increase over the next six months according to a recent survey by online property portal Zoopla.

Zoopla invited its registered users to participate in its housing market sentiment survey, which ran between April 18-21. There were 1,511 respondents, 1,148 of which were homeowners.

It found that almost nine in 10 British homeowners (87 per cent) believe that properties in their neighbourhood will rise in value by an average 7.8 per cent over that period.

While there is ample confidence in the East of England, with 89 per cent of those surveyed in the region expecting to see a boost in property values, there was a more cautious view in Wales where just 68 per cent of homeowners expected a rise.

Homeowners in the East Midlands are the most optimistic about growth rates, expecting a double-digit rise of 10 per cent – up from 7.6 per cent six months ago. London came in close second, with locals anticipating home value increases of 9.9 per cent.

When it comes to securing a mortgage, though, respondents believed it was easier to achieve than 12 months ago. Only 29 per cent said it was more difficult to gain approval – down 3 per cent from April last year.

Lawrence Hall, spokesman for Zoopla, said it was ‘encouraging’ to see a boost in confidence for property price growth despite a continued period of political uncertainty.

He added: “With the upcoming general election, it’s perhaps no surprise that people may be holding out to make a purchase or sale decision until June 8.”

Although overall confidence has increased, the poll revealed a fall in the number of those planning to buy or sell a property. Just 18% of homeowners signalled their intention to buy a home before Christmas, while only 17% said they were planning to sell.

Curious about the value of your home? Why not try the WellingtonWise instant online valuation tool by visiting our website www.wellingtonwise.co.uk or contact us today to arrange a free market appraisal of your home.

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