Halifax Property Survey Indicates Feelings of Long Road to UK Recovery
A paltry 14% of Brits feel now is the best time to put property on the market, according to the latest confidence barometer by Halifax. That less than 15% is in comparison to 50% of UK residents who believe it would be a perfect time to purchase property over the next ninety days. The Halifax report also indicated a small percentage (15%) felt any inclination to attempt any transaction within the property market over the course of the next twelve months.
The research also painted a grim picture for how Brits feel about the economy in general, with over a quarter of the respondents thinking their personal financial status will see darker days over the following months. More than 50% see no improvements will come in the days ahead.
Job security is seen as the main roadblock to being unable to afford property by 52% of those responding. Other things which contribute to the inability to buy a home include overall household finances (31%) and the rise in interest rates (22%).
A Halifax housing economist, Suren Thiru, offered his opinion of the average mortgage loan holder over the next twelve months, saying: "More Britons expect house prices to rise rather than fall over the next year. This is likely to partly reflect the relatively low burden of servicing mortgage debt.
"However, confidence in the UK housing market is likely to remain subdued over the coming months, given consumers' concerns over the outlook for the UK economy in general, and the jobs market in particular."