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Optimism in the housing market returns

The latest Property Tracker survey from the Building Societies Association, reveals a surge in consumer confidence in the housing market following the Budget earlier this month.

The latest Property Tracker survey from the Building Societies Association, reveals a surge in consumer confidence in the housing market following the Budget earlier this month.

  • Over a third of people (37%) agree now is a good time to buy a property in the UK, compared to 27% in December, with just 17% disagreeing that now is a good time to buy, down from 23% in December.
  • There is growing expectation that house prices will rise, with 39% of people anticipating an increase over the next 12 months, a big jump from 25% three months ago.
  • 40% or people said the mortgage guarantee scheme, announced in the Budget, has made them feel more positive about buying a property in the UK.
  • The extension to the stamp duty holiday has led to 40% of people feeling more positive about buying a property, with the furlough extension building confidence in buying a property for a third of people (33%).

Perceived barriers to buying a property

In the midst of the Covid pandemic, lack of job security has been perceived as the biggest barrier to buying property and it remains so at 59%, however it is steadily declining as a reason for not purchasing (Dec 2020 - 65%; Sept 2020 - 68%).

Regional Variations

Increased optimism in the housing market can be seen, however the level of confidence differs by region:

  • In Wales, almost half (48%) of the people are expecting house prices to rise in the next 12 months, compared to a third (33%) in London and the East Midlands.
  • Almost half (45%) the people In the North East think now is a good time to buy a property, with less than a third (29%) agreeing in Scotland.
  • Lack of job security as a barrier to buying a property at 59% belies a north / south divide, with 65% in Yorkshire and Humberside citing this as a barrier, compared to just half (50%) of those in London.

The full report can be downloaded here

Notes

All figures, unless otherwise stated, are from YouGov Plc.

  • March research - Total sample size was 2158 adults. Fieldwork was undertaken between 8th - 9th March 2021.  The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
  • November research - Total sample size was 2026 adults. Fieldwork was undertaken between 27th - 30th November 2020.  The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

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