Confidence in the housing industry at its highest level in three years

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25th February 2015 12:24 - Housing

The latest Annual Housebuyers Survey by the Banks has found that confidence within home owners is at its highest in three years. The resultsConfidence in the housing industry at its highest level in three years support the Council of Mortgage Lenders recent survey, which identified 2014 as having the highest lending levels since 2007.

The results also showed that 24 per cent of home owners are expecting to modify their home by either extending their property, or carrying out home improvements. An additional 14 per cent claim that they want to put their house up for sale within the next year.

When questioned about their mortgage, 11 per cent of the respondents said that they were expecting to either, pay off their remaining balance, make overpayments, or re-mortgage within the next 12 months.

In 2013, respondents of the Annual Housebuyers Survey by the Banks found that 62 per cent of respondents planned to stay in their current property; a figure higher than that of 2014, which shows 58 per cent planning to do the same. The latest survey shows a further 17 per cent decrease in the amount of people planning to stay in their current home.

Of the respondents who identified a desire to move house in the next year, those living in London are most likely to move, with 22 per cent putting their property up for sale, compared to 10 per cent of those in Scotland and 8 per cent in Yorkshire.

Of the same 22 per cent of people in London, approximately 8 per cent intend to climb the housing ladder, and 6 per cent plan to downsize.

44 per cent of respondents claim that they expect the value of their property to increase, and 54 per cent claim that they expect it to stay the same.

When looking at the demographic of those who thought their home would increase in value, or stay the same, it can be seen that men are more optimistic; with approximately 50 per cent of men expecting a rise in the value of their home.  Just 38 per cent of women agreed.

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