Most UK homeowners expecting house prices to rise yet again
Published by Max Salsbury for 24dash.com in Housing and also in Finance
Most UK homeowners expecting house prices to rise yet againImage: Money Arrow via Shutterstock
The mass majority of UK homeowners are eagerly expecting to see house prices soar even further over the next six months.
However, though 92% of homeowners predict that prices will surge by an average of 7.6% by the end of the year, 40% claim that getting a mortgage is harder than it was three months ago.
According to Zoopla's latest housing market sentiment survey, many homeowners believe that the new lending set out in the mortgage market review, which came out in April, has scuppered many people's plans to secure a loan for a home.
Despite all this, 79% of UK homeowners plan to spend at least the same or more on home improvements over the next year compared to last year.
If Zoopla's figures are to be believed, for the first time in a long time, London's homeowners are not the most confident across the country about house price rises in their area.
The South East, South West, East of England and West Midlands have all overtaken the capital in terms of homeowner confidence.
With London prices having moved up so far and fast, the proportion of homeowners in the capital who expect prices to rise over the next six months has fallen from 98% to 92% over the last three months.
Lawrence Hall of Zoopla said: “After months of consistent growth in the capital’s property market we are now seeing a slight increase in caution among London’s homeowners. More broadly, securing a mortgage appears to be getting harder now that MMR has caused lenders to be more rigorous with their lending criteria and approval process.”