The number of homeowners expecting property prices to fall has increased over the summer months, according to estate agency Your Move.
24% of homeowners now expect house prices to fall in the next 12 months, an increase from the 4% predicting falls three months ago.
The ‘typical’ homeowner surveyed by Your Move now believes prices will rise by 0.7% in the next 12 months, a decrease from predictions of a 2.8% increase in Q1 2010.
73% of homeowners still believe house prices will resume their long-term rise over the next two years. However, the predicted increase has declined. Homeowners now forecast more modest price rises of 3.2% in the next two years, a drop from the prediction of 5.4% three months ago. In the next five years, they anticipate a rise of 7.3%, down from 10.6% three months ago. These predicted rises are equivalent to increases of £7,062 and £16,110 respectively on the average house price, according to latest figures from the LSL / Acadametrics house price index.
David Newnes, estate agency managing director of LSL, owner of the national chain Your Move, said: “In the face of a news onslaught about faltering house prices and a stalling recovery
