There’s a lot of positivity spreading around Britain at the moment, according to a study by Zoopla. Homeowners across the UK expect home values to advance 8.8% on average between now and September, prompting many of them to buy more property or invest in major home improvements in a bid to capitalise on this growth. Are you one of these people?
The expected rise in property prices is double the rate forecast in 2013, with Zoopla attributing the solid upward revision to the increasing market confidence.
According to its latest housing market sentiment survey, 95% of homeowners are bracing themselves for a rise in prices against 74% expecting an increase in April 2013. Another 3% predict that values will remain intact and just 2% foresee a decline in prices over the next six months.
The poll, which involved 4,972 UK homeowners, found that 42% of respondents plan to renovate their homes, looking to make use of potential capital gains. Meanwhile, the percentage of homeowners intending to buy a property over the next 12 months has gone up to 31% from 22% in January.
Unsurprisingly, homeowners in London were the most upbeat about the state of the property market, predicting an average increase of 12% over the next six months. Some 97% of respondents living in the capital were positive that the market is about to see considerable growth in the near future.
The most notable rise in confidence was recorded in Wales, where 92% predicted a pickup in prices over a six-month horizon, up from 85% three months ago.
Are you feeling this wave of optimism?