(PRWeb UK) July 13, 2010
According to the survey of 5,442 homeowners by Zoopla.co.uk, which provides free value estimates for every UK home, the average respondent expects house prices to rise by 5.5% from current levels by the end of the year.
- Number of homeowners expecting house prices to rise drops from 81% to 78%
- 77% surveyed say mortgage funding is no easier to get now than 3 months ago
- Worry about job losses and interest rate hikes hangs over the property market
However, although confidence remains relatively high, concerns remain around mortgage availability with one in three (34%) of those surveyed citing this as the biggest continued threat to the health of the property market and more respondents (27%) saying it is now harder to get a mortgage than 3 months ago than those saying it is easier (23%). Other key concerns to a continued recovery in the housing market were a potential rise in interest rates for 25% of respondents and the impact of job losses in the public sector for 21%.
The Scots appear the most upbeat over the prospects for their local property market, with 84% expecting house prices in their area to rise over the next six months, compared to 79% in England and 73% in Wales. Residents in Northern Ireland are least optimistic, with only 67% predicting house prices will rise over the next six months.
Nicholas Leeming, Commercial Director of Zoopla.co.uk, said: “Confidence amongst homeowners remains high for the time being, but the dip does signal a directional shift and that concerns are building again around the outlook for the property market. The fear remains that the revival in the housing market will be derailed unless the banks make a concerted effort to increase lending. With job cuts looming in the public sector and interest rate hikes expected at some point, the new government has its work cut out for it to ensure that home ownership remains affordable and attainable for most people.”
- Zoopla.co.uk invited registered users to participate in this study
- The survey was fielded from June 7th to 14th 2010
- There were 6,058 total respondents. 5,442 of these were homeowners. Statistics based on a sample of this size are accurate to within +/- 1.0% with 95% confidence, if the sample is drawn at random from the population it intends to represent
- These respondents represent the perspective of the Zoopla.co.uk user community, and could be considered to represent the population of people interested in the UK residential property market
- All statistics are based on the full sample unless otherwise noted
Zoopla.co.uk is the UK’s most comprehensive property website, focused on empowering consumers with the resources they need to make better-informed property decisions. Helping users make sense of the residential property market by combining property listings with market value data, local information and community tools. Founded on the principles of transparency and efficiency, everything we do aims to make the market more effective for both property consumers and professionals alike.
By combining free, instant value estimates for every UK home with sold prices, local market information and hundreds of thousands of properties available for sale and to rent, Zoopla.co.uk has become the ultimate destination for property consumers to search for property and do their market research. Zoopla.co.uk are the UK's fastest growing property website and are proud to have been named 'Best Property Portal 2009' (Daily Mail UK Property Awards).