A property 'millstone'
PROPERTY: Signs of an improving mortgage market have boosted home-movers' confidence that house prices will increase in the next year, a new study found this week.
Almost a third (29 per cent) of people think prices will go up in the coming months, showing a seven percentage point increase on the share of people who were optimistic about increases a year ago.
According to Rightmove, the biggest reason people gave for this was a belief the mortgage market is improving, with 32 per cent of people saying this.
However, of those who think prices will go up, most predict the increase will be less than 5 per cent.
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The study also found a fifth of home-owners who bought between 2007 and this year believe their property is now worth less than they paid for it, with 17 per cent of them in negative equity.
Miles Shipside, director of Rightmove, said: "The result of this approach is a negative equity millstone around the necks of many buyers from that era, which will take years to lift.
"In the current economic climate it will take more than a modest recovery in property prices to help its victims consider moving home again."