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Faith in bricks and mortar survives economic gloom

Monday, 5 December 2011 9:09 AM

Twice as many prospective home moves think house prices will rise or stay the same next year rather than fall, according to a survey out today from Rightmove.

Despite the economic gloom, 41 per cent of home movers told the property website that prices in their area would be the same in 12 months' time and 22 per cent said they would be higher. In contrast 31 per cent said they would be lower.

However, the proportion expecting price stability is up by five percentage points on the same quarter a year ago and the proportion expecting prices to rise is down by five points. The proportion saying prices will fall is broadly similar.

Expectations about price rises are highest in London (29 per cent) and negative expectations are highest in Wales (35 per cent expecting a fall).

Miles Shipside, director of Rightmove, said: "The public's belief in the value of bricks and mortar seems to defy the deteriorating economic situation.

"This is a clear message that the majority of consumers view the property asset class to be as 'safe as houses' in these times of economic uncertainty".

But he added that local variations meant the market could be very patchy. Wealthier areas might be feeling insulated from the economic gloom but more cash-strapped owners of semis and terraces were feeling more exposed.

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