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Optimism in the UK property market has slowed down, with fewer home owners anticipating an increase in the value of their home over the next 12 months, a new survey shows. Just under half, 49%, believe their home will increase in value over the next year compared to 54% in January and 55% a year ago. A further 49% anticipate that the value will stay the same whilst 2% believe it will decrease. The survey from Clydesdale and Yorkshire Banks also shows that Londoners are the most optimistic with 73% anticipating an increase in the value of their home, followed by 62% of those in the South East and 56% of those in the East. In sharp contrast 11% of those surveyed in the North East expect the value of their home to decrease, a view shared by 6% in the North West and Scotland. Those living in the South East and London are the most upbeat about rising property prices with 67% in the South East and 64% in London citing this as the main reason for anticipating an increase in the value of their home. In contrast only 37% of those in the North West share this view. The report suggests that the key factor for those who think their home will increase in price is rising property prices as well as the positive impact of the economic recovery. ‘It has been positive to see confidence returning to the property market however our latest research has shown that this is levelling out with a drop in the number of people who believe their home will increase in value over the next year,’ said Steve Fletcher, director of retail banking. ‘There are still a number of property hot spots, such as London and the South East, where property prices are rising and we anticipate that this will continue however this is not mirrored across the UK as a whole,’ he pointed out. He added that the Banks have a range of competitive mortgages including a two year fixed, fee offer product up to 75% LTV at 2.09% and a five year fixed, fee offer product up to 75% LTV at 2.89%, both for re-mortgage applications above £75,000. Continue reading →
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