UK homeowners optimistic about house prices

17 July 2003
British homeowners remain optimistic about the future of the housing market, according to a new survey.

Figures from Yorkshire Bank show that the slowdown in house prices in the south has done little to worry Brits, with most confident that the value of their home will rise in the next year.

Altogether 57 per cent of respondents feel the value of their property will rise in the next year, an increase of six per cent in the last three months.

Those in the north of England feel most confident that the housing boom will continue, with people in London, East Anglia and the south-west most likely to think their properties will decrease in value.

The north is currently leading the way on house price inflation, while figures from Halifax showed that London house prices had dropped by an average 0.9 per cent in the first half of this year.

The Yorkshire Bank study reveals that first-time buyers are continuing to feel frustrated by the property market. Half of those surveyed said they hope to get a higher paid job this year to allow them to get a foot on the property ladder.

According to the study, just 6 per cent of UK homeowners are tempted to sell up now while prices are high in order to clear some debts.