Confidence in the UK property market has reached a three year high...

Posted 26 February 2015

Confidence in the UK property market has reached a three year high, according to new research from Clydesdale and Yorkshire Banks.

The data shows that 24% of people plan to change their current property, either by extending or carrying out home improvements, while a further 14% said they intend to sell their property in the coming year. Finances are also high on the agenda, with 11% planning to either pay off their mortgage, make overpayments or re-mortgage in the coming 12 months.

Londoners are most likely to move this year, with 22% putting up a 'For Sale' sign.  Within that group, some 8% plan to move up the property ladder, a further 8% have aspirations to relocate and 6% hope to downsize. In contrast, only 10% of people in Scotland and 8% of those in Yorkshire plan to move in 2015.

Regional breakdown:

Region

Planning to Move

Staying put

London

22%

34%

Midlands

16%

41%

South West

15%

37%

Wales

15%

35%

UK average

14%

41%

East

13%

42%

North East

13%

41%

South East

12%

42%

Scotland

10%

43%

North West

10%

47%

Yorkshire

8%

43%


44% of those surveyed are expecting the value of their home to increase in 2015, while 54% think it will remain the same. Unsurprisingly, confidence is at its highest in London, where 64% believe their property will increase in value. In contrast, just 24% in Wales are expecting a rise. 

Steve Fletcher, head of Clydesdale and Yorkshire Banks Retail Network, said "We have seen optimism returning to the property market over the last few years and this seems to be growing with more people planning changes, whether it is to move, make home improvements, pay off their mortgage or even help a family member to get onto the property ladder.”

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