Categorized | International

Confidence Grows Among British Homebuyers

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Although the economy in the United Kingdom is certainly in doubt, the majority of British citizens still feel confident about the state of the residential real estate market. More than a third of British citizens believe that property values will rise in the next year.

With consumer confidence growing in the United Kingdom, analysts believe that nearly four million British citizens will buy a new house this year. That is in stark contrast to initial expectations leading up to 2012. In fact, of those looking to buy a home, more than half believe that they will be able to do so in the immediate months to come. That number is more than triple what it was at this point last year.

When crunching the numbers, analysts have found that younger people are more likely to buy a new home. For many, the only restriction holding them back is coming up with the increasing deposit requirements.

Many of those most confident about the housing market in the United Kingdom reside in London. In general, those from London are the most likely to be able to purchase a home this year.

Roughly twenty-five percent of those that are thinking about buying a home in 2012 will be first time homebuyers. More than a third of homebuyers will be looking to upgrade from their current home, and roughly ten percent plan to buy additional properties for investment purposes.

There is a great deal of optimism regarding the potential for home prices to increase this year. Less than twenty percent of people expect prices to decline in comparison to the more than thirty percent that believe prices will increase.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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