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TODAY'S OTHER NEWS

Housing sentiment holds strong despite uncertainties

Housing market sentiment remains strong with most owners optimistic about the future despite market uncertainties, new research shows.

Households in all UK regions perceive that the value of their home rose in May.

Londoners perceived the strongest rate of price growth over the course of the month, followed by those in the South East.

Households in all UK regions expect house prices to rise over the next 12 months, with the strongest growth expected by households in the South East.

Both current and future sentiment on house prices picked up in May compared to April.

Some 5.4% of households said that they planned to buy a property in the next 12 months, up from 5.0% in April.

Grainne Gilmore, head of UK residential research at Knight Frank, said: “The steadiness of the headline house price sentiment index during such political uncertainty over the EU is a reflection that the fundamentals of the market remain unchanged.

“There is still an imbalance between demand and supply of housing, and for those with access to deposit payments, mortgage rates are still near record lows.

“However, there has been some softening in sentiment among those aged 55 and over – the age-group who have the largest equity stake in the UK housing market.

"While the sentiment reading for this group is still one of the highest, indicating they expect prices to rise, there has been a notable fall from last month, indicating that the current economic and political climate is affecting some corners of the market.”

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