Monday, January 27, 2014
With housing transactions recovering and house prices expected to increase by 5% in 2014, Countrywide plc, the UK’s largest integrated property services group, has conducted a third exclusive research study with YouGov to investigate important factors affecting the current housing market.
Countrywide plc commissioned the YouGov research which surveyed over 2,000 Great British adults, including private rental tenants, homeowners with mortgages, shared equity stakeholders, owner occupiers and those living rent-free. The findings identified improved consumer confidence in the housing market when compared to the results of the last study in November 2012. Highlights from the latest research include:
HELP TO BUY
Grenville Turner, Chief Executive of Countrywide plc, commented:
“The survey findings reaffirm what our property experts’ view on a daily basis when dealing with many people looking to move home. There are signs of a rebalance in the housing market as recovery in housing volumes gathers momentum. Greater availability of higher loan-to-value mortgages, improving economic conditions, lower unemployment and the implementation of Government backed schemes such as Help to Buy, have given consumers reasons to feel confident. It is significant that 1 in 3 GB adults who plan on buying their first home or moving home within the next three years would be likely to use the Help to Buy scheme.
“It is encouraging to see that consumers are more enthused by the current housing market conditions and 51% of homeowners think that the value of their home will increase in 12 months time. It is also pleasing to see that over half of 18-24 year olds believe they are likely to use the Help to Buy scheme and fewer homebuyers feel they are prevented from getting on or moving up the housing ladder because of deposit affordability, when compared to our November 2012 survey.
“Young people have shown their appetite for homeownership remains unsuppressed and most realise that they will have to compromise to get onto the housing ladder. With only a quarter of under 25 year olds unwilling to compromise on location, it suggests that young people are taking a more pragmatic approach to buying a property rather than holding out or stretching themselves to buy in an area they can’t afford.
“We expect to see more first time buyers and homeowners enter the housing market in 2014, as the property market and wider economic conditions show further signs of improvement and these results would back up that view.”
About the Countrywide/YouGov survey:
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,065 GB adults aged 18+. Fieldwork was undertaken between 20th –23rd December 2013. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+). November study: Total sample size was 2152 adults. Fieldwork was undertaken between 7th - 9th November 2012.
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