How homeowner confidence compares where you live
The confidence of home owners in the property market has been boosted over the past six months, a survey suggests.
In total 84% of home-owners expect property values in their area to increase over the coming six months - up from 70% when similar research was carried out in November, according to website Zoopla.
Across the UK, only one in 12 (8%) people in the latest survey expect prices to fall in their area over the coming six months.
On average, those expecting price rises predict a 6.9% uplift over the next six months - also an increase compared with the November study, when the typical expectation was 4.9%.
East Midlands and East of England homeowners most optimistic
Home-owners in the East Midlands and the East of England are the most optimistic about their local property market - with 93% and 90% respectively predicting house price rises over the next six months.
Zoopla spokesman Lawrence Hall said: "It's encouraging to see a bounce-back in consumer confidence in the market - it's the largest increase we've seen since 2016.
"This shows that home-owners are starting to regain their confidence in the property market, with those in the east of the UK having the most optimism."
The South West of England is the next most optimistic region, with 89% of home-owners expecting an increase in their area's property values.
North-east England least optimistic
At the other end of the spectrum, north-east England is the least confident region, with just under two-thirds (63%) expecting rises - although this is a big increase for the region compared with November 2017, when less than half (41%) thought values in their area would increase.
After the North East, London is the next least confident region, with just over three-quarters (76%) of home-owners expecting prices to rise in their area.
The findings were released after another property website, Rightmove, reported this week that the average price tag on a home reached a record high of £308,075 on average in May.
Home-owners in the East Midlands and the East of England are the most optimistic about their local property market (Photo: Shutterstock)
Rightmove warned, however, that the current market is becoming "increasingly price-sensitive", and said sellers need to pitch their price at a tempting level to entice buyers.
It also said that, across Britain, different property markets are still operating at different speeds.
Zoopla also found that, when it comes to how much home-owners think prices will increase by, those in the West Midlands are the most confident - predicting values in their area will rise by 10.6% over the next six months on average.
Home-owners in the East Midlands are the next most confident, expecting growth of 9.2%.
The lowest house price growth is expected in the North East of England, where home-owners anticipate a 2.6% increase.
More than 1,950 home owners were surveyed.
Percentages of home-owners who think house prices in their area will increase over the coming six months, according to Zoopla, followed by the average amount prices are expected to increase by:
- East Midlands, 93%, 9.2%
- East of England, 90%, 7.6%
- South West England, 89%, 6.7%
- West Midlands, 88%, 10.6%
- Scotland, 87%, 8.6%
- Wales, 86%, 7.3%
- South East England, 84%, 6.1%
- North West England, 84%, 6.3%
- Yorkshire and the Humber, 84%, 5%
- London, 76%, 6%
- North East England, 63%, 2.6%