What will Happen to Property Prices Next Year?

Prices of houses are anticipated to rise next year, says the Halifax Housing Market Confidence tracker. Property Wire says despite the fact that the market felt a 1.2 per cent drop on house prices around April, one out of three survey takers still expect a rise this year. Twenty-three per cent, however, still remain steadfast upon their belief that the prices will continue to fall. Nevertheless, a bulk of the survey takers still think that house price movement, if any, will still be small. On the other hand, 24 per cent (almost a quarter) trusts that the market will experience significant changes, may it be in the rise or fall of prices. So, you need to sell your own home? Fourteen per cent of the respondents think that the next three months would be ideal for this. Concurrent with the aforementioned, 15 per cent even believe that doing such transactions would actually be perfect within the next 12 months.

On a more negative note, most of the respondents agree that the state of the economy in UK may not improve. A quarter even believes that it may worsen. Britons have other major worries which slow or even paralyse their capabilities to acquire property. These include job security (a primary concern), household finances and rising interest rates, among others. Additionally, the tightened lending criteria, conceptualized in 2007, scared several investors from venturing into the market. The fact that you can raise a deposit was also a major drawback to encourage buyers. Of course, we cannot discount the fact that the availability of mortgages has a hand in preventing Britons from acquiring property. Sure, people remain positive that prices will rise, but, if we take into consideration the above mentioned items, one is advised to tread carefully and think about his next step.

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