CONFIDENCE in the UK housing market has jumped more than five-fold in the last year.
The number of people expecting house prices to increase over the next 12 months has risen from 10 per cent at the start of 2009 to 53 per cent.
The British public expect only a modest rise, according to Rightmove, with 46.8 per cent anticipating a rise of up to 10 per cent. Just 6.7 per cent thought they would rise further. Last year more than a third predicted a fall of more than 10 per cent. Now only 13 per cent believe prices will fall over the next 12 months.
The average UK asking price rose by 1.2 per cent in the first week of January and price increases are expected to continue over the next 12 months if stock scarcity continues.
Most respondents said the forthcoming election will not affect their property market activity.
Miles Shipside, commercial director of Rightmove, said: “Given the looming election and the talk of pending austerity packages ahead, this consumer survey highlights a surprisingly positive property price outlook.”