Brits predict house prices rises

Those looking for cheap mortgages have been told that Brits are expecting house prices to rise.

The new Halifax Housing Market Confidence Tracker has revealed that more individuals believe that house prices will rise over the next twelve months, than those who think they will fall.

One in three people are predicting property values to increase, while just 23 per cent are forecasting a drop, people seeking cheap mortgages were told.

Furthermore, 50 per cent of UK residents think that the next three months would be a good time to buy, compared to just 14 per cent who think the coming quarter is ideal for selling.

"This [report] is likely to partly reflect the relatively low burden of servicing mortgage debt. However, confidence in the UK housing market is likely to remain subdued over the coming months, given consumers' concerns over the outlook for the UK economy," said Suren Thiru, housing economist at Halifax.

The new Bank of England Inflation Attitudes Survey revealed that by a margin of 67 per cent to seven per cent, survey respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster.

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2011-06-13 15:09:08 © Moneyextra.com