Despite the fact that housing market studies and figures are projecting an optimistic outlook for mortgage lending and property sales for the coming months the outlook of homeowners remains bleak outside of London.  In a study conducted by YouGov, the homeowners polled revealed that 28% believe their property value declined during the time period of July to August.  While 23% of those polled had an optimistic viewpoint and expected the housing market to rebound in the next 12 months, there was a higher number, 27%, that believed the average house price for the UK would continue to decline for the same time period.

The report which made up the YouGov’s Household Economic Activity Tracker (HEAT) showed that homeowners in London reported that only 8% believed their property value had declined July to August and 21% thought they had experienced an increase in their property value.  Optimism was expressed by 44% of the homeowners as they were confident property values would continue to grow in the coming 12 months.

Many homeowners in London have escaped the loss of property values as the London average house price has experienced increases that have helped to keep the UK average from revealing the declines experienced in many other areas.

Mike Nardis, senior vice president at YouGov, said “Londoners remain bullish on property. Its popularity remains in sharp contrast to the rest of Britain's sluggish real estate market.

“We expect it to substantially outpace the other regions. We see this across measures in HEAT. Londoners are much more positive on their outlook over the next 12 months.”