UK's confidence in property market 'at pre-credit crunch levels'
Confidence in the UK property market has returned to pre-recession levels, according to new figures from Zoopla.co.uk.
The property website found that 81% of people now expect house prices to rise in the next year. This is compared to around 20% of people at the beginning of 2009.
Average increases are expected to be at a rate of 5.4% per year and if prices do rise at this rate they could outstrip the market estimates given by Savills this week.
Savills predicted that the property market would increase by 40% in the next decade based on the assumption that prices would rise by roughly 3.4% per annum.
Nicholas Leeming, commercial director of Zoopla.co.uk, said: "...With increased confidence amongst owners about putting their homes on the market to match the pent-up demand from buyers, we could see a welcome boost to the recovery of the housing market."
The black spot on the horizon was that three-quarters of people believe that it isn't any easier to get a mortgage now than it was three months ago.
Residents in Scotland are most optimistic about the market and those living in Northern Ireland are least likely to expect house prices to increase.
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