Londoners immune from falling confidence in market
Thursday, 12 January 2012 8:48 AM
Londoners believe they will buck a market in which house price confidence has fallen to its lowest level for a year, according to the latest housing market sentiment survey by Zoopla.co.uk.
The property website says 55 per cent of home owners expect prices to rise in their local area in the next six months, down from 59 per cent three months ago.
They expect prices to rise by an average of 2.2 per cent, a figure which is also down from the 2.7 per cent recorded in the previous quarter.
However, owners believe their own home will outperform the market and expect an average price rise of 2.8 per cent. Similarly only 22 per cent expect the price of their own home to fall.
Londoners think their city will fare better than the rest of the country. Some 72 per cent expect prices to rise now compared to 68 per cent three months ago and they predict the average increase will be 4.7 per cent, up from 3.6 per cent.
Nicholas Leeming of Zoopla.co.uk said: "Until there is some good news on the overall economy, home owners will continue to be cautious with their optimism for the property market.
"Londoners, however, are living in a market detached from the rest of the UK.
"Many overseas buyers continue to pile into London property to take shelter from economic or political storm clouds elsewhere which is helping to boost prices and confidence in the capital."
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