Confidence in the UK housing market has slumped according to an annual survey conducted by economic consultancy ING.
The survey, called Homes and Mortgages 2016, quizzes almost 15,000 people in 15 countries about their attitudes on the housing market.
The most dramatic shift from previous results was seen in the UK, where expectations of rising house prices fell prior to the EU referendum; when the question was repeated after the Brexit vote, the fall was even greater.
So the percentage of UK respondents who felt house prices would rise in their area in the following 12 months has changed from 72 per cent in 2014 and 70 per cent in 2015, to just 57 per cent this year.
The survey also found that 26 per cent of UK respondents felt low interest rates had pushed up house prices where they lived.
Poor affordability was an issue across the 15 European countries in the survey. In general, high house prices led to 24 per cent of respondents saying they had difficulty paying the higher-than-expected mortgages they had to take out.
“Across Europe, expectations that house prices will rise has hit a plateau, but people are still finding that the house prices where they live are expensive. It’s worrying that this is increasingly leading them to delay important life decisions, such as postponing retirement, changing jobs or having more children” says Ian Bright, senior economist at ING.
“Even more concerning is the realisation that most do not expect this situation to change because most people expect house prices to keep rising. This is a Europe-wide problem and not restricted to one or two countries, with few seeing any light at the end of the tunnel.”
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Confidence has slumped in EAT for continually publishing this spurious rubbish about loss of confidence in the UK housing market. 1000 people from the whole of the UK?? How the hell is that meant to be a true representation of what the millions of UK houseowners think??
What a load of nonsense. The market always quiets around school exams, then summer holiday time and when the Referendum was called, just like a General Election, all goes quiet. I never understand why 'the market' goes quiet. What is it worried about? Values falling? If, in the same market, you sell your home for £5 and buy the next one for £7, what does it matter. No better or worse off. As a nation we are so hung up about property values. It's just Monopoly money! Until the 80s, a home was a home. Now it is considered an investment. Investment to whom - banks, building socs, Treasurer/Stamp Duty etc. Keeps the Agents busy!
So they likely asked 1000 people only in UK.
They don't disclose how many responded, nor demographics or geographics.
Sounds very reliable.
These contradictory articles! Doing my head in!
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