Confidence in the housing market is now back at levels last seen in early 2004, according to property search website, propertyfinder.com.
The website claims 70.5% of respondents to its latest survey said they believed the housing market will rise over the next twelve months, up from 62% in January.
And on average, propertyfinder.com’s survey shows house hunters expect prices to rise by 4% over the course of the year. This contrasts to the November 2004 low when 67% expected prices to fall by around 8% on average.
The survey also reveals that from July to November of last year sellers reported heir homes had been on the market for an average of 12 weeks. By January of this year sellers reported an average of 8 weeks and 8.7 weeks in February. While normal seasonal patterns account for some of this increase this is still a 33% improvement over the equivalent period in 2005, says propertyfinder.
Jim Buckle, chief executive officer at propertyfinder, says: ‘Shortage of supply has been a key problem in the market in recent months, so it is a good sign to see that things are improving so well. It is important to remember that two thirds of sellers are moving up the property ladder and are therefore also buyers. If they believe prices are going to rise, they have an interest in moving sooner rather than later, paying less to reach the next rung on the ladder.’
Sellers and buyers appear to also be in agreement on the outlook for the market. 80% of both buyers and sellers are optimistic on prices, and both groups predict price growth of 4.2%.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Matthew West on 020 7484 9893 or email [email protected].IFAonline
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