- Households in all UK regions perceive that property prices rose in September
- Londoners perceived the highest rate of house price growth over the course of the month, followed by those in the East of England
- Households in all UK regions expect house prices to rise over the next 12 months, led by households in the East and South East of England
- Some 5.9 per cent of households expect to buy a property over the next 12 months, while a further 6.4 per cent said that they would purchase a house within one to two years
Grainne Gilmore, Head of UK Residential Research at Knight Frank, said:
“UK price sentiment remains in positive territory, and has stayed broadly stable since the election in May. However the north-south divide is evident, with the average reading for the north of England in September at 54.9 and the south of England at 64.1. This is the second widest gap between the two readings this year.
“Overall, households expect prices to rise over the next 12 months, with eight times as many households anticipating a rise in the value of their home as anticipating a decline. Sentiment is being underpinned by the improving economy, with positive employment data as well as wage growth boosting buyer confidence.
“At the same time a shortage of stock on the market is serving, in some cases, to put upward pressure on prices. Again the north-south divide is in evident in the outlook for prices, with the average future house price index for the south of England at 76.0, compared to 63.9 for the north.”