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29 October 2012

Brits more optimistic on house prices

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by Gill Montia

Brits more optimistic on house prices

More Britons expect house prices to rise than fall over the coming twelve months, according to the latest Halifax Housing Market Confidence tracker.

Just over a third of respondents think the average UK house price will increase in the year ahead, while a fifth are expecting prices to decline.

With a positive reading of +15, sentiment is broadly unchanged from June although Halifax points out that confidence in future house prices is stronger than in January (+7) and much improved from October 2011, when the price outlook balance stood at -2.

Respondents also believe that house price change over the next twelve months will be relatively small, with two-thirds expecting any movement to be between +5% and -5%.

The lender’s housing economist, Martin Ellis, comments: “Despite some regional differences, the general improvement in confidence in the outlook for house prices over the past year reflects the relative resilience of the UK housing market.”

Looking ahead, Halifax is sticking with its earlier prediction that house prices will be broadly unchanged over the rest of 2012 and into 2013.

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