Housing confidence doubles

Confidence in the property market has more than doubled in a year, research from Clydesdale and Yorkshire Bank has revealed.

Over half (55%) of homeowners anticipate their home increasing in value over the next 12 months compared to just 25% last year.

The East of England and Yorkshire have seen the greatest boost, as 65% and 58% expect the value of their homes to fluctuate compared to 14% and 17% in 2013 respectively.

London (80%) and the South East (70%) are most optimistic regarding house price growth.

Confidence also rose in Scotland and Wales, where 45% and 42% expected the value of homes to increase, compared to 20% for both in 2013.

Andrew Pearce, retail director for Clydesdale and Yorkshire Banks, said: “While some differences remain around the country, it is encouraging to see confidence returning to the property market so widely and so clearly.

“Without exception, there has been a strong rebound in confidence in the housing market in the last year across the regions.

“We are seeing this positive attitude reflected in the growing demand for mortgages, our own and in the wider market, and the overall level of housing transactions.

“Recovery is still in its early stages, and there must be care to balance the demand for mortgages so as not to see a repeat of past issues, but the wider economic measures are also pointing in the right direction for a sustained and sustainable period of growth.”

Housing transactions stand at their highest level since 2008 according to HM Treasury figures as consumer and business confidence continues to return.