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Consumer Confidence In The Housing Market On The Up

Wed, 27 Jan 2010
Confidence in the housing market among Britons has grown considerably over the last twelve months, according to new research by Rightmove.

A consumer confidence survey by the online property portal found that over half of British consumers (53 per cent) believe that house prices will increase over the next year, compared to just 10 per cent this time last year.

The proportion of consumers that believe property prices will grow by up to 10 per cent is 46.8 per cent, while just 6.7 per cent expect prices to rise by more than 10 per cent.

The survey also showed that only 13 per cent believe prices will fall over the next 12 months, compared to 69 per cent a year ago.

Commenting on the findings, Rightmove's commercial director Miles Shipside said: "Given the looming election and the talk of pending austerity packages ahead, this consumer survey highlights a surprisingly positive property price outlook."

"The property market is in a virtuous circle scenario, where consumers are seeing less property for sale and fresh to the market property selling more quickly," he added.

"That rightly gives them the impression that we are over the worst of the recent price falls, and that there is likely to be upward pressure on prices."

However, he stressed that confidence is still well below the levels seen before the recession.
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