New research from Clydesdale and Yorkshire Banks shows optimism returning to property market
30th April 2013
New research from Clydesdale and Yorkshire Banks today (30th April 2013) showed that optimism is returning to the property market.
Over 90% of those surveyed believe the value of their home will increase or stay the same in the next 12 months compared to 84% of those surveyed over the same period last year.
A quarter (25%) are confident that there will be an increase in value in comparison with only 18% in 2012.
Those living in London were the most optimistic with 53% anticipating an increase compared to just 14% in the east.
| Region | Increase | Stay the Same | Decrease |
|---|---|---|---|
| London | 53% | 45% | 2% |
| South East | 30% | 64% | 6% |
| South West | 30% | 64% | 6% |
| UK average | 25% | 66% | 9% |
| Midlands | 25% | 62% | 13% |
| Wales | 20% | 72% | 8% |
| Scotland | 20% | 67% | 13% |
| North East | 19% | 74% | 7% |
| North West | 17% | 75% | 8% |
| Yorkshire | 17% | 75% | 8% |
| East | 14% | 76% | 10% |
Although confidence is returning to the property market the majority of those surveyed (62%) plan to stay in their current homes with 22% planning to extend or improve their property in the next 12 months.
Finding a good home at a bargain price was the main motivator for those thinking of moving home with 19% highlighting that this would encourage them to move in 2013.
For those hoping to move to their dream home the importance of location, location, location still holds true for 80% of respondents, whilst noisy neighbours would be the main deterrent with 80% admitting this would put them off buying a property.
Andrew Pearce, Retail Director for Clydesdale and Yorkshire Banks, said: “It is encouraging to see confidence returning to the property market with an increase in both those who think the value of their property will stay the same and those that think it will increase from the same period last year.
“Whether people are planning to stay in their current home or to move to their dream property, Clydesdale and Yorkshire Banks can help customers through the process by finding the right mortgage to suit their individual needs and requirements.”
The Banks currently offer a rate of 2.49% on a two year fixed mortgage with 60% LTV* or 2.99% on a five year fixed mortgage with 60% LTV* for those looking to move home or remortgage.
Clydesdale and Yorkshire Banks have a range of competitive mortgages and for more information, please ask your local branch or contact 0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank or visit www.cbonline.co.uk or www.ybonline.co.uk
*Terms and conditions apply - in branch, online or over the phone.
You can find impartial information and guidance on money matters on the “Money advice service” website.
Yorkshire Bank is covered by the Financial Services Compensation Scheme (FSCS), Find out more.