ING has put together a list of expectations for property price rises across Europe in the coming year
The property market in the UK has been rampant since the financial crisis, with prices skyrocketing, particularly in the capital London where the average home is worth more than £550,000.
However, Britain is not the only place where prices are soaring, and citizens across Europe
ING has put together a list of expectations for property price rises across Europe in the coming year.
The ranking was compiled by asking people if they expect property prices to increase over the next 12 months, before assembling a list based on those expectations.
Perhaps unsurprisingly, the United Kingdom ranks pretty highly on the list, although in the aftermath of the EU referendum, the percentage of people expecting property prices to rise has fallen sharply.
Commenting on the results of the survey, Ian Bright, a senior economist at ING said: “Across Europe, expectations that house prices will rise has hit a plateau, but people are still finding that the house prices where they live are expensive. It’s worrying that this is increasingly leading them to delay important life decisions, such as postponing retirement, changing jobs or having more children.”
13. Italy — The country may be facing some serious economic issues and a growing banking crisis, but more than a third of Italians (37%) surveyed by ING expect the value of property in the eurozone’s third-largest economy to rise in the next year.
12. Poland — 43% of Poles are expecting property prices to rise over the next 12 months, unchanged from ING’s survey in 2015, and down 1% from 2014’s reading.
11. France — Another economy facing serious challenges related to low labour productivity is France but the French property market still remains reasonably hot, with 46% of people expecting prices to rise, up 5% from 2015. Only one country saw expectations increase more.
T10. Spain — More than half of Spaniards polled by ING see a coming increase in property prices, with 52% saying it will come in the next year. That figure was an increase from 49% in 2015.
T10. Romania — While it is still on the fringes of Europe geographically speaking, Romania joined the EU in 2007 and is a major player on the continent. 53% of Romanians surveyed by ING expect property prices to rise in the next year, an increase from 52% in 2015.
T10. Czech Republic — In 2015, exactly 50% of Czech citizens saw a coming rise in property prices. That has increased this year, with 53% now expecting prices to jump in the next year.
7. United Kingdom — Given the doom laden predictions surrounding the UK property market since the EU referendum, it is perhaps unsurprising that Britain saw the biggest drop in price rise expectations this year. Last year, 70% of people saw an increase, this year, 57%.
6. Germany — The driving force behind the eurozone is famous for being a nation of renters, but that does not stop people expecting prices to rise. 61% of people surveyed expect prices to increase in the coming year.
5. Belgium — Belgium has seen the biggest increase in expectations for an increase in property prices this year, according to ING. Last year 55% expected a rise, this year it was 65%.
4. The Netherlands — Price expectations in the Netherlands actually fell in 2016, dropping from 70% in 2015, to 69% this year.
3. Austria — 71% of Austrian citizens surveyed by ING expect property prices to rise in 2016, compared to 69% in 2015.
2. Luxembourg — A huge 78% of people in the tiny nation state expect property prices to rise in the next 12 months. That’s an increase from 76% in 2015.
1. Turkey — 81% of Turks surveyed believed that house prices in the country will rise over the course of the next year, the highest of any European nation included in the survey by ING. That actually marked a fall from the same survey last year, when 82% expected prices to increase.