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Optimism drains from housing market outside London

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Homeowners are increasingly pessimistic about the potential growth in the housing market outside of London, according to YouGov.

The polling organisation’s Household Economic Activity Tracker (HEAT) found that over a quarter (28%) of homeowners outside of the capital think their house value fell between July and August.

Just 23% of respondents said they expected the housing market to rebound in the coming 12 months, compared to 27% who are expecting price falls to continue.

Inside London less than one-in-ten (8%) of homeowners thought their property had decreased in value since July while 21% felt their house had increased in price. The survey found that 44% of Londoners believe their property will continue to grow in value in the next year.

Mike Nardis, senior vice president at YouGov, said the market in London provided a sharp contrast to the rest of the UK.

“Londoners remain bullish on property. Its popularity remains in sharp contrast to the rest of Britain’s sluggish real estate market.

“We expect it to substantially outpace the other regions. We see this across measures in HEAT. Londoners are much more positive on their outlook over the next 12 months.”

Dominic White, chief European economist at ASR, added: “UK household activity dropped back slightly in August, mainly reflecting concerns about household finances and the property market, which remains stagnant.

“Over a quarter of households believe their property value fell in August, casting doubt on recent figures suggesting otherwise. Without some improvement in the housing market it remains doubtful that any economic recovery can be sustained.”

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