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Guaranteed rental – More Britons expect house prices to rise than fall in 2012

Guaranteed rental – More Britons expect house prices to rise than fall in 2012

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The outlook for house prices in the UK for 2012 is mildly optimistic, according to Britons surveyed by the Halifax as part of their annual Housing Market Confidence Tracker.

29 per cent of Britons believe prices will rise this year, whilst 22 per cent believe they will fall. 65 per cent believe that any rise or fall will be relatively small, five per cent either way.

The overall balance of +7 means that the index moves into positive territory and shows a marked improvement from October’s survey, which showed a negative balance of -2.

The survey reveals that more than half feel that fears over job security is a big factor in staying out in their current home and putting off a move. 55 per cent of respondents said concerns about job security was a major obstacle to buying a property.

Meanwhile, 57 per cent cited the difficulty in raising the necessary deposit as a hindrance to buying a property. 61 per cent of those surveyed expect to see rents rise this year, just three per cent think that rents will fall.

Most UK regions are expecting s small rise in house prices and this is most pronounced in London with an overall net balance of +21 of people who think house prices will rise.

London is closely followed by Britons in the East Midlands with +18 and the Humber with an overall net balance of +14. People in the North East are the least optimistic with a balance of -3.

The data shows that the perception is that 2012 is a good time to buy if you can, with 50 per cent or five times the proportion agreeing that it is a good time to buy, compared with just ten per cent who said it was a good time to sell.

The main reason for this is that mortgage payments for a new borrower in the second half of 2011were at their lowest as a proportion of disposable earnings for 14 years.

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.

“Looking forward, we currently expect broad stability in house prices in 2012, although there remains much ambiguity around this given the considerable uncertainty regarding the prospects for the UK economy.”

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Source: http://www.myfinances.co.uk/news/2012/02/05/more-britons-expect-house-prices-to-rise-than-fall-in-2012

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