Do you think so too?
A new survey reveals 4 in 10 Brits think properties in their area are overpriced, and 48 per cent predict that house prices will rise by up to 10 per cent over the next 12 months.
The OnePoll survey, conducted by Freehold Sale, targeted 500 respondents across the UK who are planning to buy a home in the next 5 years, to find out their levels of confidence in the current UK property market.
When asked about their attitude towards current property prices, over 41 per cent of respondents consider properties in their area to be overpriced. This was highest amongst respondents in London (57 per cent), followed by the South East (54 per cent), South West (52 per cent) and East Anglia (50 per cent). When looking into the age demographics of respondents, this response was highest amongst over 55’s (45 per cent).
The survey then asked respondents to share their predictions for UK house prices over the next 12 months. The results reveal 48 per cent of Brits think that house prices will rise by up to 10 per cent over the next 12 months. 25 per cent of these respondents believe house prices will increase by 0-5 per cent, and 23 per cent believe they will increase by 6-10 per cent. When asked about the cause of this predicted price increase, 43 per cent of respondents think the outcome of the EU referendum will be responsible for the change in UK property prices over the next 12 months.
The survey also reveals how buyers are approaching the purchase of a new property. Almost a third of Brits (31 per cent) are looking for a new build for their next home. This result is highest amongst 25 to 34 year olds (39 per cent), reflecting the importance of being the first to live in your new home for the younger generation.
Finally, the results shed light on buyers dependence upon government schemes to buy their home. In total 19 per cent of respondents say that they will be relying on the Help to Buy scheme to buy their first home. This figure is highest amongst 18 to 24 year olds (44 per cent). A further 10 per cent of respondents will be relying on the Right to Buy scheme to buy their new home, this scheme is most popular amongst respondents aged between 35 to 44 (12 per cent).