INCREASED activity in the local housing market assisted by the Government backed Help to Buy scheme and a greater availability of higher loan-to-value mortgages has led to a growth in consumer confidence,
according to local leading estate and lettings agency Entwistle Green in Wigan.
These findings are confirmed in the results of the third exclusive survey Countrywide plc, the UK’s largest property services group, conducted with YouGov. Entwistle Green is part of Countrywide plc, who conducted the study to investigate important factors affecting the current housing market in Great Britain.
The YouGov research surveyed over 2,000 Great British adults and its findings identified improved consumer confidence in the housing market when compared to the results of Countrywide plc’s last survey in November 2012.
The research showed that 51% of homeowners in Great Britain think the value of their current home will increase in 12 months time, an increase of 17% compared to the November 2012 survey results. Only in the North West of England is the proportion of people who believe that prices will rise in 2014 lower than the proportion who believed prices would rise in 2013.
The results also revealed that in Great Britain over half (56%) of 18-24 year olds believe they are likely to use the Help to Buy scheme compared to around a quarter of those aged between 25-54 years.
Location is the most important factor when buying a property. 36% of people who stated they plan to buy a property within the next 3 years would be least likely to compromise on location. This rises to 47% among 35-44 year olds compared with just 26% of 18-24 year olds.
Just under 1 in 5 (18%) of GB adults are currently prevented from buying a property or moving home because they are unable to afford a deposit, this is a decrease of 5% when compared to the November 2012 survey results.
Around a third of private renters think they are likely to use the Help to Buy scheme to purchase a property in the next three years, around double the 16% of homeowners who are considering it.
Kerrie Johnson, branch manager of Entwistle Green in Wigan, commented: “The results of the YouGov survey confirm what we see on a daily basis and that is the housing market is moving forward at a steady pace. The local housing market in Wigan is buoyant and properties that are well presented and correctly priced are selling well. However, demand from
Countrywide plc buyers for property in the local area is outstripping the supply of property coming on the market and due to this we now need more properties to sell.
“We expect to see more first time buyers and homeowners enter the housing market this year, as the property market and wider economic conditions show further signs of improvement and these results would back up that view.”
For further information about the local housing market and the YouGov survey results, please contact Kerrie Johnson by telephone on 01942 826844 or email firstname.lastname@example.org