The latest Halifax Housing Market Confidence Tracker has shown that the property market in the UK is as changeable as ever, with nearly 70% of respondents expect property prices to rocket again in the next 12 months, whilst only five percent expect them to drop.
It is also believed that with an increase in the price of property, an increase in the mortgage rates is inevitable, with 58% of respondents believing that mortgage rates will also be higher in the coming year (up from 48% previously).
It’s not all bad news however - 35% of respondents also expect savings rates to be higher in a year (up nine percent at the time of the last survey), however it seems that people are not planning to spend these savings on property. Two percent more people felt that not being able to raise a deposit was the key barrier to being able to own their own home this year, possibly due to the fact that as house prices increase, as does the amount required for a deposit.
Adam Male, Founder of Urban.co.uk, believes that the research is a clear illustration of the way the UK market is moving forward, and it is up to everyone to help ensure that the market is kept under control:
“The Halifax House Price Index for September, also released today, has shown that average prices in the three months to September 2015 were 8.6% higher than in the same period in 2014. This significant rise shows that people’s keen aspiration to get on the property ladder is driven by the knowledge that price isn’t going to drop any time soon, and that the sooner they are able to get the first step on the ladder, the better.”
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