Housing market confidence ‘growing’
Some 51% of homeowners think the value of their current home will increase in 12 months time, an increase of 17% from November 2012 survey results.
And over half (56%) of 18-24 year olds believe they are likely to use the Help to Buy scheme compared to around a quarter of those aged between 25-54 years.
Grenville Turner, chief executive of Countrywide, said: “The survey findings reaffirm what our property experts’ view on a daily basis when dealing with many people looking to move home.
“There are signs of a rebalance in the housing market as recovery in housing volumes gathers momentum.
“Greater availability of higher loan-to-value mortgages, improving economic conditions, lower unemployment and the implementation of government backed schemes such as Help to Buy, have given consumers reasons to feel confident.
“It is significant that 1 in 3 GB adults who plan on buying their first home or moving home within the next three years would be likely to use the Help to Buy scheme.
“It is encouraging to see that consumers are more enthused by the current housing market conditions and 51% of homeowners think that the value of their home will increase in 12 months time.
“It is also pleasing to see that over half of 18-24 year olds believe they are likely to use the Help to Buy scheme and fewer homebuyers feel they are prevented from getting on or moving up the housing ladder because of deposit affordability, when compared to our November 2012 survey.”
But Turner warned that with young people’s appetite for homeownership continuing to remain unsuppressed most will have to compromise to get onto the housing ladder.
He said: “With only a quarter of under 25 year olds unwilling to compromise on location, it suggests that young people are taking a more pragmatic approach to buying a property rather than holding out or stretching themselves to buy in an area they can’t afford.
“We expect to see more first time buyers and homeowners enter the housing market in 2014, as the property market and wider economic conditions show further signs of improvement and these results would back up that view.”
YouGov interviewed 2,065 GB adults aged 18 or older online between December 20 and 23. Those interviewed included private rental tenants, homeowners with mortgages, shared equity stakeholders, owner occupiers and those living rent-free.