"43% 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 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% of respondents consider properties in their area to be overpriced. This was highest amongst respondents in London (57%), followed by the South East (54%), South West (52%) and East Anglia (50%). When looking into the age demographics of respondents, this response was highest amongst over 55’s (45%).
The survey then asked respondents to share their predictions for UK house prices over the next 12 months. The results reveal 48% of Brits think that house prices will rise by up to 10% over the next 12 months. 25% of these respondents believe house prices will increase by 0-5%, and 23% believe they will increase by 6-10%. When asked about the cause of this predicted price increase, 43% 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%) are looking for a new build for their next home. This result is highest amongst 25 to 34 year olds (39%), 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. 19% 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%). A further 10% 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%).
