Housing sector confidence remains strong

Housing sector confidence remains strong

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Video transcript

Confidence within the UK housing sector remains high, with the latest quarterly Halifax Housing Market Confidence Tracker showing strong results in the first three months of 2016.

Despite coming against a backdrop of cooling confidence within the wider economy, the housing market continues to attract plenty of optimism, with the majority of people believing that prices will continue to rise during the coming 12 months.

In total, 61 per cent of respondents stated this belief - with 13 per cent going as far as predicting that prices will have risen by more than ten per cent by this time next year.

Furthermore, 55 per cent of people believe the next 12 months will be a good time to either buy or sell a property - a result that is three per cent higher than the previous quarterly tracker.

However, building a significant deposit to be able to carry out a purchase continues to be seen as one of the greatest barriers to homeownership for 58 per cent of respondents, while for 37 per cent, the ongoing rise in values is seen as a hindrance.

Job security was also cited as a potential spanner in the works of potential buyers for 42 per cent of respondents to the survey and concerns about any upcoming rise in interest rates was shown to be an issue for 11 per cent.

Responding to the tracker`s results, mortgages director at Halifax Craig McKinlay said that despite the hesitation of some people regarding barriers to home buying, there remains a significant majority that is upbeat about the future of the UK property sector.

However, he did add that with an ongoing acute disparity between levels of demand and the number of available properties across the country, this is causing a major uplift in values that may be unsustainable in the long term.

Anyone planning to purchase a home in the coming months may not need to fret though, as increased support for the creation of new homes continues to be a main focus for both the government and local authorities.

Indeed, cutting off the potential creation of a new UK housing bubble is essential for the long-term stability of the sector.

Mr McKinlay concluded by saying that `affordability` will be the watchword of buyers in the months and years to come, ensuring it is a factor that is being taken extremely seriously by the powers that be. 

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