While there has been plenty of uncertainty surrounding the UK economy, the property market has remained strong in the two years since Brexit.
Many homeowners and potential movers became hesitant when it came to making decisions on their home during this time, however, new data suggests that confidence in the market is on the rise.
A recent Housing Market Sentiment survey hoped to discover how confident each region in the UK is about their home and their expectations for the next six months.
The survey revealed that 84% of homeowners in Britain believe that property prices in their area will rise over the next six months. When the same survey was taken six months ago, this figure stood at 70%, which is quite the change in such a short space of time.
This is the largest increase in confidence since pre-Brexit, and on top of this, homeowners expect rises by an average of 6.9% in their area; another figure that has seen a jump, as it stood at 4.9% six months prior.
In terms of individual regions, the East Midlands was the most optimistic, with 93% of survey participants from this region believing that house prices will rise over six months. Sharing that same sentiment were homeowners in the East of England, with 90% feeling optimistic about house prices.
On the opposite end of the scale, the North East were the least upbeat regarding house prices, with only 63% feeling confident in price growth. However, this figure is an improvement, with a 22% boost in confidence since November 2017.
When looking at the rate at which survey participants expect prices to rise, the West Midlands had the highest expectations throughout the UK, predicting a 10.6% increase in property values by the end of the year. The East Midlands wasn’t too far behind, forecasting a 9.2% increase.
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