According to a survey conducted by Halifax bank, UK citizens remain pessimistic about the future of the housing market. One in five adults believe housing prices will continue to plummet in the next calendar year. The confidence rating has officially hit its lowest level since October 2012.
Halifax Survey Results
Experts have popularized the term “perfect storm” for the upcoming months across the UK. A culmination of high interest rates and uncertain Brexit terms have citizens bracing for turbulence throughout the economy. Perhaps the most alarming finding from the survey was the age group that showed the greatest concern about the housing market. People under the age of 25 had the least amount of confidence in the market of all citizens surveyed.
Other topics covered in the survey included mortgage costs and interest rates. Of the 2,000 citizens that participated in the questionnaire, more than 60% say generating enough money for a deposit is the number one issue with the housing market. UK locals were less anxious about soaring interest rates – less than 20% see this as a main concern. Others seem worried about job security and the hurting economy. Never mind the home, will their job even allow them to afford housing? Many questions and uncertainly continue to loom around the finalization of Brexit terms.
Slowest Market Currently
The slowest growing market in the UK is metropolitan borough of Sunderland. More than 25% of homes in the area remain unsold six months after going on the market. The entire northern half of England has struggled as of late, but the Wearside city is sticking out like a sore thumb. Liverpool and Bradford have joined Sunderland with weak sales in the past few months as well. Sunderland’s disappointing performance puts the city below struggling areas like Aberdeen, Copeland, and Cambridge as the worst market in the UK right now.