A 3rd of Britons expect house prices to rise

By Marianne Straker, Tue 7 Feb 2012 - Published in Home Insurance

Many Brits believe that house prices will rise in the next 12 months with residents in London being the most optimistic about the market.

Halifax's Housing Market Confidence tracker found that 29 per cent of British homeowners expected a rise whilst only 22 per cent predicted a decline in prices. A further 61 per cent believed that rents would increase in 2012.

With confidence slightly improving across the sector 50 per cent of people surveyed believed that it was a better time to buy as opposed to selling. However, many highlighted job security and raising the deposit as the main obstacles when buying a property.

The company's recent Buying vs. Renting Review saw a major shift in buying confidence with the cost of purchasing a house being 16 per cent cheaper than renting.

Martin Ellis, housing economist at Halifax, said: "The modest improvement in consumer confidence in the outlook for house prices reflects the resilience of the UK housing market over recent months in the face of a weak economic recovery and the deterioration in the outlook for both the UK and global economies."

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