Confidence in the property market in the UK fell to the lowest in 3 years values

The market confidence in UK property has fallen to its lowest level in three years on fears that a Brexit would have a negative effect on prices on the housing market.

The latest data from the Consumer Confidence Index of the financial group Halifax shows that the optimism of the buyers of houses and flats in England is at its lowest level since June 2013, despite the fact that the vast majority of consumers believe that Brexit will have minimal impact on the housing market. The number of unemployed people fell by 14 points since March 2016 this is a strong failure since the existence of the index. The decline in optimism is a result of concerns about a General slowdown in economic processes and the expectation of inflation, which will limit purchasing power. A year ago, the General belief about economic growth gave confidence to the housing market, the sentiment index was at the maximum. Now, people believe that real estate prices are subject to change in the next twelve months, or, if will change, very low.

Despite this, 57% of potential buyers believe that prices in the market of residential property in the UK a year will be higher than it is now. Only 15% believes that prices will fall over the next 12 months and 33% believe that after 12 months would be a good time for the sale and purchase of real estate, which generally speaks of an optimistic view on the short term market.

The Bank of England at the last meeting left the base rate unchanged and this was the basis of 53% of respondents in the study argue that after 12 months, mortgage rates will also remain unchanged. The proportion of such people has increased from 38% at the beginning of the year, adding to the optimism market.

® Helen Entree. 14.11.2016 G.

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