Housing market positivity at all-time low among homeowners
Only 42% of homeowners said they felt positive about the UK housing market in November, matching the all-time low figure from February 2017.
However, the bank found that homeowners are still more confident than people who rent. Only 25% of those who don’t own their own home expressed a positive opinion on the housing market in its latest research.
Overall two-thirds of people said they don’t feel good about either the housing market or the UK’s financial situation.
The figures are significantly more pessimistic about the UK economy than they were 12 months ago, Lloyds Bank found.
A separate study from Willis Owen mirrored the findings, revealing that consumer confidence in the UK economy has decreased over the last 12 months.
Against a backdrop of Brexit uncertainty and rising inflation, 35% of people said they are less confident in the outlook for the economy than they were a year ago, compared to just 20% who said they are more confident, the investment provider found.
However there is some optimism among younger people, according to Lloyds Bank.
While 18-24 year olds are significantly more negative about the country’s financial situation as a whole than last month, when asked about their own job security, they are more upbeat with 79% feeling positive about their prospects.
The research also showed that 18-24 year olds who work expect their annual income to rise on average by £1,391 over the next year, an increase of 4.9% on the average annual salary of £28,600.
Robin Bulloch, managing director of Lloyds Bank, said: “Although inflation fears continue to concern consumers, it is positive to see that younger people seem more upbeat about their own job security and future earning potential.”