UK property market sees a return in customer confidence
Confidence is returning to the UK property market and prices are expected to rise, according to the latest figures.
Results from the Q4 Rightmove consumer confidence survey found that 54% of people expect house prices to rise in the next year. This is a significant shift in attitude from Q1 when 69% expected them to fall.
Miles Shipside, commercial director of Rightmove, said: "Respondents U-turned between Q1 and Q2 from expecting prices to fall, to forecasting prices would rise over the subsequent 12 months. This proved to be an uncannily accurate prediction of how the year unfolded."
He added that this meant it was particularly important to pay attention to the latest results.
Recent figures from Barratt Homes, the country's second largest house builder, revealed that buyers are beginning to return to the market. Rightmove's results back this up with 68% of people believing now is a good time to buy.
While just 8% of people thought now was a good time to sell, 84% thought that will improve in the next 12 months. This suggests that now is an ideal time for property investors to cash in before house prices rise and the stamp duty holiday ends.
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