Halifax has recently noted a slight slip in confidence in the UK housing market, and has now fallen to its lowest level in twelve months (though slightly higher than the 62% noted in a report from around the same time in 2013). It has been noted that this slip mirrors doubts about the outlook of the economy over the coming year.
A reported net value of 62% of Britons believe house values will increase over the next twelve months, which is the lowest amount in the last year.
Craig McKinlay, mortgages director at Halifax, notes that consumer confidence has “reached a ceiling”. McKinlay also says that 55% of people in London, where house prices have recently soared, believe the next year will be a bad time to buy a house; 37% of Britons overall hold that belief, however. London is the only region in the UK where the majority believe current times are not good for buying houses. People in the North East of England seem the most optimistic about buying their houses over the next year, with the number measuring 36%.
It has also been noted that 57% has said they have been hindered from buying houses due to not being able to raise enough deposit, fallen from the 63% that said the same thing a year ago. Other stated problems include stricter criteria for lending and rises in interest rates.
Do you believe now is a good time for buying a home? Why or why not? If you are currently having reservations about buying a home, what are your main reasons?