Over half of Nottingham's homeowners take a gloomy view about buying and selling their homes, a recent survey shows, but at least the rest of Britain is more optimistic
It’s grim up the East Midlands. At least when it comes to the beleaguered housing market, according to a recent survey.
The research from L&G Mortgage Club and the Centre for Economics and Business Research (CEBR) indicates 54% of Nottingham homeowners believe they would get less than a fair price if they sold their homes now – 35% say if they sold right now they would get about 10% less for their home than the price they think is reasonable.
They’re also not confident in a swift housing market recovery as 63% believe it will take between three and five years. Just 3% are very confident in buying a house today compared to five years ago – and only 1.5% feel that the housing market will be much better in a year’s time
(69% feel it will be the same).
And, as if they didn’t have enough to worry about, poor old Nottingham homeowners are also the most concerned about applying for a mortgage in the next 12 months (27%), with 22% stressing that their deposits are too small.
Across the rest of the country however, the outlook is much more promising:
- Homeowners in Brighton (62%) and Bristol (67%) are the most optimistic about securing a fair price for their home if they sell now – just 13% feel they would get less than a fair price in Brighton
- Newcastle (54%) and Birmingham (50%) homeowners are the most confident in a swift housing market recovery (in under three years)
- Edinburgh homeowners are the least concerned about applying for a mortgage (8%) and the least concerned about deposits (4%)
A thriving housing market is essential to our recovering economy. Ben Thompson, Managing Director of the Legal & General Mortgage Club, says:
‘There have been tentative signs of housing recovery in the UK and it feels to us that if we can restore confidence in places like Nottingham, we’ll be fully on the right path to recovery. Nottingham is a great city, with good Edwardian and Victorian housing stock so there is no reason that shouldn’t happen in the near future.’
However, National Housing Federation Director Gill Payne indicates there is a problem underlying the market other than consumer confidence:
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‘Our economic recovery is being held back because there aren’t enough homes in England today and this lack of homes has pushed up prices and rents beyond people’s reach. We need to build more homes that people can afford in the right places so that businesses can grow, take on local staff, inject new life into struggling communities and steer us out of this economic rut.’
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