Halifax Housing Market Confidence Tracker Results Announced
The latest figures released from the Halifax Housing Market Confidence Tracker has seen confidence in the UK house prices fall to its lowest level since December 2012. These figures falling to a five-year low is another warning about the strength of the UK economy. The figures from this Confidence Tracker show that one in five respondents feel that prices will drop during an increase in inflation and expected hikes in the interest rates.
The UK housing market has been widely reported on for some time and has been scrutinised many times over during the past year. The scrutiny has taken place after the EU referendum saw optimism decline significantly. The general public expected a slowdown in the market, and the wider economy as a whole.
It is disappointing to see optimism decline after the EU referendum results, even though a number of industry professionals, including the Managing Director for Millwood Designer Homes, John Elliott, who feels that the Prime Minister Theresa May will manage to obtain a good deal during the UK’s exit from the EU. John Elliott has said that Millwood Homes has seen a sales boost following the Brexit announcement and has seen an increase in the amount of footfall seen at the company’s show homes.
It is thought that the lack of confidence in the housing market is originating from the younger generation, who are struggling now more than ever to get onto the housing ladder, and putting home owning aspirations to one side. This struggle has then impacted on a negative sentiment about the housing market as a whole. However, the recent commitment from the Government with the £10 billion boost to the Help to Buy could reignite some hope and hopefully lead to a boost in confidence levels. It is thought that every generation should be feeling confident about the housing market going forward.