Rightmove has claimed that confidence is pouring back into the UK housing market. Their latest survey reveals that 53% of respondents expect a price rise in the UK housing market compared to just 10% last year.
The one thing that any market needs for recovery is confidence so these figures are a positive sign. If buyers believe prices will go up and they expect to pay more........then surprisingly sellers are more than willing to put them up to oblige.
However, these same buyers could be the ones that will ultimately see their wages cut, lose their job as a result of the likely belt tightening exercises the new government will demand in order to get to grips with our huge budget deficit. After this cold blast of reality then maybe buyers will be less confident and Rightmove like all estate agents will find it harder to talk the market up. This is certainly the view of former Moneyweek editor Merryn Somerset Webb in the FT.
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