Market research shows UK house prices are expected to rise
22nd June 2012 12:10 - Housing
Prospects for UK house prices appear positive, with approximately 29% of households expecting their homes to rise in value over the next year. Expectations for UK house prices have now remained positive for the past three months, according to Knight Frank’s House Price Sentiment Index (HPSI).
The House Price Sentiment Index has proven to be one of the better indicators of future house price movements - largely because it is based on a survey of consumers’ opinions, rather than historic transactional data. This allows the House Price Sentiment Index to provide an insight into consumers’ actual current sentiments, rather than their past behaviours.
The UK’s Department for Communities and Local Government also recently released data that showed the average UK house price had increased by 0.3% (to £224,473) over the last 12 months to February 2012. It did, however, also highlight the large disparities that exist between the UK’s different regions.
Scotland, for example, saw the strongest growth of 1.1%, whilst England experienced a more modest 0.4%. Over the same period, Wales’ average house price fell by 0.5%, whilst Northern Ireland - the UK’s worst performing region – saw its average house price fall by 9.7%.
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