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Brits still optimistic over the UK’s housing market

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The nation continues to be optimistic over the prospects of house prices increasing in the next year, according to a recent survey by Halifax.

According to the Halifax Housing Market confidence tracker, over a third forecasted that the average UK house price will rise, with only a fifth predicting a decline in prices.

However, the difference between the proportion of people who expect house prices to rise rather than fall, eased from +19 percentage points in March to 15+ in June, but despite this confidence remains higher than the start of the year.

Martin Ellis, housing economist at Halifax, said: “Confidence in the housing market has weakened a little over the last three months, reflecting the increased uncertainty regarding the economic outlook.”

“The public’s confidence in the housing market, however, has been very resilient so far this year. This is, consistent with the broad house price stability experienced over the first half of 2012.

“Overall, we expect little change in prices and sales over the remainder of the year provided that the UK’s economic outlook does not deteriorate significantly.”

Unsurprisingly, Southern England, the South East in particular, is still among the most optimistic in their outlook for the housing market. This is backed by relatively stable housing activity over the last few months in the region.

Wales and the West Midlands also saw a positive increase in sentiment over the prospects of an increase in house prices over the next year.

Despite increasing concerns over the economy and challenges of raising a deposit, public opinion continues to point to a buyer’s market.

Over half of the respondents thought it will be a good time to buy in the next 12 months, making it three and half times the proportion of Britons that feel it will be a good time to sell.

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