Propertyfinder.com’s Housing Market Confidence Monitor predicts an autumn pick up for housing market.
Househunters expect relative stability in house prices despite the slight drop in confidence caused by weaker economic news and seasonal summer apathy.
Jim Buckle, managing director of propertyfinder.com explains: “We have not changed our view that a modest revival in the housing market is set for the autumn, although recent economic events have caused us to moderate our view of the magnitude of the likely upturn. The market has also been affected by the seasonal slowdown that occurs at the height of the summer, when people are on holiday and supremely uninterested in the stress of moving home. Mervyn King warned that consumers should not rely on further interest rate cuts, and this message seems to have reached househunters ears.
“Despite his comments, we believe a further cut in interest rates is likely at the end of the year or beginning of next year and that will further stimulate a recovery in the market. With househunters expecting broad price stability in the housing market, there is no disincentive for people to move house, there is no need to fear sharp increases in mortgage costs.”