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Property market confidence soars to highest level for 4 years

15th January 2014

  • UK homeowners predict 7.2% increase in property prices over first half of year
  • 92% of homeowners expecting property prices to rise between now & summer
  • Londoners most confident with 98% of owners in capital saying prices will rise
  • Biggest increases in confidence seen in North signalling a broadening recovery

UK homeowners are predicting that house prices will rise 7.2% between now and summer, up from 5.7% just three months ago and from 3.2% this time last year, making it the most upbeat forecast in four years, according to the latest Zoopla Housing Market Sentiment Survey.

The survey of 7,796 UK homeowners by Zoopla found that 92% of homeowners expect house prices in their area to rise over the next six months, up from 65% last year and the highest proportion on record. Only 3% of homeowners predict house prices will fall over the first half of this year, down from 19% at this time one year ago.

The survey further revealed that as homeowner confidence is buoyed, there has also been an increase in those considering buying a property over the next six months in the first half of 2014 – up to 22% from 19% back in September.

Londoners remain the most optimistic about the state of the property market, with 98% expecting a further rise in property values in the capital during the first half of the year and predicting average price growth of 9.6% over this period, above the national average of 7.2%.

In a positive sign for the broadening out of the market recovery, the most significant jump in confidence can be found in the North with Yorkshire and The Humber and the North West where the proportion of owners who believe property prices will increase over the next six months has risen from 84% to 88% in just 3 months. At the other end of the spectrum, homeowners in Wales are the least bullish on house prices currently, with only 85% of homeowners predicting a rise in property prices by June.

Lawrence Hall of Zoopla.co.uk comments: “Across the country, homeowners are starting the New Year far more positive about the health of the property market. Early indicators suggest that we can look forward to a busy first few months to 2014, as current levels of confidence are likely to fuel more transactions. With 2013 characterised by the wave of government initiatives to lure first-time buyers onto the property ladder, 2014 could well be the year we see activity levels increase significantly.”

Proportion of homeowners expecting prices to rise by June
Region Rise (%) Flat (%) Fall (%)
London 98% 2% 1%
South East England 96% 3% 1%
East of England 95% 3% 1%
South West England 94% 4% 2%
West Midlands 93% 5% 2%
East Midlands 89% 7% 2%
Yorkshire and The Humber 88% 8% 4%
Scotland 88% 7% 4%
North West England 88% 8% 4%
North East England 87% 8% 5%
Wales 85% 7% 9%

Source: Zoopla.co.uk (January 2014)

% homeowners expect property values to increase by June
Region Now 1 year ago
London 9.6% 5.8%
East of England 7.5% 3.4%
South East England 7.5% 2.5%
North West England 7.3% 2.4%
South West England 7.3% 3.6%
West Midlands 6.9% 3.5%
Scotland 6.3% 4.2%
East Midlands 6.1% 3.1%
Yorkshire and The Humber 5.8% 4.6%
North East England 5.7% 3.3%
Wales 5.5% 1.8%

Source: Zoopla.co.uk (January 2014)

- Ends -

For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.

About Zoopla

Hello. We're Zoopla. A property website and app.

We know you're not just looking for a place to live. You're looking for a home.

Yeah, we've got over a million properties for you to browse.

Tools that let you filter them in all kinds of clever ways.

And reliable house price estimates, so you can be sure you aren't paying over the odds.

But we know you're looking for more than that.

Because that first flat won't just be a 'great investment opportunity'.

It'll be the feeling of starting out on your own.

That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.

And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.

We know that searching for a home is about more than just checking its price, location and features (important as all those things are).

What really matters is how it makes you feel.

We know what a home is really worth.

So let us help you find yours.

Zoopla is part of Zoopla Limited which was founded in 2007.

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