According to the latest quarterly Halifax Housing Market Confidence Tracker, belief in the housing market is split into two separate camps: on the one hand, the public have never been more optimistic about house sales, on the other, the outlook for the acquisitions market is at its lowest level since 2011.
Of those surveyed, 57% believe the next 12 months will be a good time to sell, whilst only 32% think the opposite. Positive feelings towards selling are even stronger among owner occupiers – 63% said they think now is a good time to sell up. In addition, positivity towards selling is highest in the East and South East, with 65% of the opinion now is a good time to sell. This compares with only 36% of people who say the same thing in Scotland.
The proportion of those surveyed who think that it’s currently a good time to buy, however, has fallen to a net balance of +5, down 29 points in the last quarter. This represents the largest fall in this measure since the tracker was introduced in 2011. Positive feelings towards the buyers’ market also fell by 16 points among owner occupiers, with those in London and the South East most negative about the prospect of purchasing a property.
“Over the past two years consumer confidence has continued to grow, however it appears that we’ve reached a tipping point with the equilibrium between buyers and sellers much more out of sync,” Craig McKinlay, Mortgages Director at Halifax, commented.
“The results highlight the regional variations as now people believe that it’s a good time to sell but not buy, particularly in London and the South East where house price expectations are generally higher and buyers appear to be less inclined to rush into a buying a property as we have seen over the past 12 months.”
Rugby estate agents Cadman Homes report that although prices are rising and houses are selling for strong money, there is still a buoyant market in Rugby for investor buyers. They are seeing new build apartments and traditional terraced houses as the most popular types for investors and there is still strong demand from first time buyers and downsizers also. There is currently a shortage of property for sale in popular areas like Bilton, Hillmorton and Dunchurch, as well as other villages with good schools such as Clifton.