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Pru finds homeowners in confident mood

15 August 2005
Property confidence is continuing to rise and despite concerns of a slowdown in the housing market, according to latest figures.

A new study by Prudential has found that the majority (57 per cent) of UK homeowners have seen the price of their property rise over the past 12 months.

However there are notable regional discrepancies, with 74 per cent of individuals in Yorkshire and Humber seeing the price of their property increase, compared to just 28 per cent of residents in the West Midlands.

With 43 per cent of Britons expecting the value of their property to continue to rise over the next year, compared to only nine per cent who think it will decrease, Prudential’s latest monthly ‘Mood of the Nation’ Index reflects notable property confidence.

The index stands at 129.8 at the end of July, compared to just 122.3 at the end of 2004.

Despite these figures, Angus Maciver of 'the Pru', sounded a word of caution, stating: "What is interesting is that people still have an amazing amount of confidence in the value of their property.

"People think that by ‘banking on bricks’ they cannot go wrong and many have had experiences over the last year that serve to reinforce this. It’s here that people should be cautious."

Mr Maciver urged the public not to invest solely in property for a pension fund, but to have a broad retirement plan.

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