UK Homeowners Believe Property Values are Rising

This article on August 19, 2013 by Natasha Al-Atassi of Select Property reveals the confidence of homeowners that the value of their property will continue to rise.

Homeowners are confident the value of their property rose in July.

Summary:

• 18% of households believe their property is worth more now than it was last month
• Just 7.4% believe it is less valuable
• Many homeowners think their property’s value will continue to rise over the year

British households are confident the price of their property is continuing to increase, according to recent research from Knight Frank.
Its latest House Price Sentiment Index (HPSI) released in conjunction with Markit found that homeowners thought the value of their homes had improved for the fifth consecutive month in July.

The HPSI rating for last month was 55.3 as 18% of those surveyed said their property’s value had risen, while 7.4% considered the price of their home to have dropped during this period.

Grainne Gilmore, Head of UK Residential Research at Knight Frank, said expectations over house prices have “gained momentum” as a result of growing confidence in the UK’s property market.

“The more positive news on the UK economy is also feeding into a ‘feel-good’ factor, which is reflected in houesholds’ increased optimism that the value of their home is set to rise,” it was added.

Lots of homeowners believe their property’s value will continue to rise over the next 12 months, as a high future HPSI was recorded in August of 65.8.

This could be the result of a growing demand for properties in the UK after the Royal Institution of Chartered Surveyors recently reported 53% more surveyors said there was a higher buyer demand in July than the previous month.

Article Source:  http://www.selectproperty.com/2013/08/uk-homeowners-believe-properties-values-are-rising/