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New survey shows that almost half of Brits think UK house prices will rise over next 12 months.
Four in 10 Brits think homes in this country are overpriced, and yet almost half – 48% – predict that house prices in their local area will rise by up to 10% over the next 12 months, according to a new survey.
The study found that 41% of the 500 people questioned, all of which are planning to buy a home in the next five years, think that properties are too expensive, with London considered to be most overpriced region for house prices in the UK among 57% of those surveyed.
Property prices in the South East were considered to be overpriced among 54% respondents, followed by the South West (52%) and East Anglia (50%).
When asked about their predictions for UK house prices over the next 12 months, 48% of Brits think that prices will rise by up to 10% over the next 12 months. A quarter – 25% – of these respondents project that values will increase by 0-5%, and 23% believe they will increase by 6-10%.
When asked about the cause of this predicted price increase, 43% of respondents think the outcome of the EU referendum will be responsible for the change in UK property prices over the next 12 months.
The survey also reveals how buyers are approaching the purchase of a new property, with almost a third of Brits – 31% – looking for a new build for their next home.
The research also shows that confidence in the UK property market is improving, thanks in part to government support schemes designed to help people buy property.
Some 19% of respondents say that they will be relying on the Help to Buy scheme to buy their first home. This figure is highest amongst 18 to 24 year olds (44%).
A further 10% of respondents will be relying on the Right to Buy scheme to buy their new home, this scheme is most popular amongst respondents aged between 35 to 44 (12%).
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