Homeowner confidence in UK property market up 4%

Homeowner confidence in UK property market up 4%

The average British property owner is feeling more confident about the prospects for growth in the market and their home's value heading in the right direction, according to a new report published this week. 

The latest Zoopla Housing Market Sentiment Survey said the confidence level among homeowners across the UK has risen by some four per cent in the past year, with more people now feeling positive about the prospect of their home's value rising in the 12 months ahead. 

According to Zoopla, the average owner expects their house to climb in value by more than seven per cent in the year ahead and, overall, 92 per cent of people said they expect to see prices going up in the next six months, compared to just 88 per cent who said the same one year ago. 

Many homeowners are now also looking to capitalise on rising house prices by selling their property. Some 19 per cent said this is something they are looking into at present, rising from 15 per cent last year when confidence hit a slump.

However, while there are some people who want to sell their home to take advantage of the strong performance of the market at present, many others are feeling content to wait and see what happens in the future. Some 41 per cent said they are staying where they are and improving their home rather than moving in the months to come.

Zoopla said that the confidence hitting highs we've not seen for a long time means people have the freedom to act as they wish, more so than in leaner times, when it comes to their property. 

"As the end of the year approaches, homeowners are the most optimistic they have been in some time. With the brightening national economic outlook this bodes well for the property market in 2016," said Lawrence Hall of Zoopla. 

While traditionally the estate agency market tends to take a break over Christmas in terms of completions and viewings, homeowner confidence shows no sign of slowing down and many individuals use the end of the year as a landmark to evaluate how much their property has appreciated over the calendar year."