Confidence in UK housing market ‘stabilises’ after record fall following vote for Brexit
Almost six in ten people believe house prices will continue to rise in the UK, according to a survey commissioned by lender Halifax.
Ipsos Mori polled close to 2,000 people and found 58 per cent expected average values to increase in the next 12 months, compared to 14 per cent who thought they would fall.
That means the net score in favour of rising prices was 44 per cent – two per cent more than when the same survey was carried out in October.
FTAdviser says the result suggests “confidence in the housing market has now stabilised following a record decline after the European Union referendum”.
At the time of the last general election in 2015, 72 per cent expected house prices to rise in the year ahead, a bullish view reversed in the wake of the vote for Brexit last June.
Martin Ellis, Halifax housing economist, suggested the results emphasise the more circumspect attitude to the market now and that the trend in market indices for slower, but still positive, gains will continue.
“House price optimism is little changed since the October 2016 measure, which is significant because it was the first post-Brexit survey and recorded the steepest fall since the tracker began,” he said, reports City AM.
“The latest results suggest that consumer confidence in the housing market is potentially settling into a new lower ‘normal’.”