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Housing market confidence slips on economic woes

Tuesday, 1 November 2011 11:53 AM

Consumer confidence in the UK housing market is weakening on the back of concern about the economy and household finances, according to the Halifax.

The bank’s housing market confidence tracker for October says 30 per cent of people expect house prices to fall over the next year, compared to 28 per cent who expect them to rise.

That balance of -2 marks a significant slip on the +9 recorded in the previous survey in April.

However, a further 27 per cent think prices will be unchanged in a year’s time.

People in London, the South West and the South East are the most optimistic about prices and people in Scotland the most pessimistic.

Martin Ellis, housing economist at Halifax, said: "It is unsurprising that confidence in the housing market has been shaken a little over the last few months given the increasing uncertainty about the current economic environment, together with pressure on householders' finances from weak earnings growth, higher inflation and tax rises.”

However, despite that pessimism, four times more people agree that is now a good time to buy (53 per cent) than say it is a good time to sell (13 per cent).

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