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Consumer confidence is growing in buoyant local housing market

The housing market is continuing to improve

The housing market is continuing to improve

The local housing market is continuing to show signs of improvement and consumer confidence is growing, according to leading estate and lettings agency Slater Hogg & Howison in Glenrothes.

The local housing market is continuing to show signs of improvement and consumer confidence is growing, according to leading estate and lettings agency Slater Hogg & Howison in Glenrothes.

The Government backed Help to Buy scheme and a greater availability of higher loan-to-value mortgages are the main reasons, confirmed in the results of the third exclusive survey by Countrywide plc, the UK’s largest property services group.

Slater Hogg & Howison is part of Countrywide plc, who conducted the study to investigate important factors affecting the current housing market in Great Britain.

The YouGov research surveyed over 2000 Great British adults and its findings identified improved consumer confidence in the housing market when compared to the results of Countrywide plc’s last survey in November 2012.

The research showed that 51 per cent of homeowners in Great Britain think the value of their current home will increase in 12 months time, an increase of 17 per cent compared to the November 2012 survey results.

In Scotland, 84 per cent of respondents expect the value of their property to increase or stay the same in 2014 and 67 per cent also stated that being happy with where they are living is preventing them from buying at this time.

The results also revealed that in Great Britain over half (56 per cent) of 18-24 year olds believe they are likely to use the Help to Buy scheme, compared to around a quarter of those aged between 25-54 years.

Location is the most important factor when buying a property. 36 per cent of people who stated they plan to buy a property within the next three years would be least likely to compromise on location.

This rises to 47 per cent among 35-44 year olds compared with just 26 per cent of 18-24 year olds.

Just under 1 in 5 (18 per cent) of GB adults are currently prevented from buying a property or moving home because they are unable to afford a deposit, this is a decrease of 5 per cent when compared to the November 2012 survey results.

Around a third of private renters think they are likely to use the Help to Buy scheme to purchase a property in the next three years, around double the 16 per cent of homeowners who are considering it.

Jacqui McAdam, area sales manager of Slater Hogg & Howison Glenrothes, said: “The housing market is moving forward at a steady pace and consumers are more enthused with the current housing market conditions.

“The local housing market in Glenrothes is buoyant and properties that are well presented and correctly priced are selling well. However, demand from buyers for property in the local area is outstripping the supply of property coming on the market and due to this we now need more properties to sell.

“We expect to see more first time buyers and homeowners enter the housing market this year, as the property market and wider economic conditions show further signs of improvement and these results would back up that view.”

 

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