Bridging & Development Lender Affirmative has released its Mortgage & Market Overview report with opinions from professionals across the property industry.
Respondents in London and The South East foresee an increase in stability from the previous quarter as predictions of regional residential property prices stabilise with 39% of respondents predicting no change in prices, a 13% increase from the predictions of the previous quarter when only 26% of London and South East respondents anticipated that prices would stay the same.
In fact, last quarter 30% of respondents predicted decreases in prices across the region but now two-thirds of respondents in London are predicting no changes in regional prices.
This is in contrast to the previous quarter, which saw a far wider variety of responses from London and South East-based property professionals.
Meanwhile, 66% of respondents in the North West are predicting that we will see price increases between 5% and 10% in the next 12 months.
Property in the North West has seen a boom in recent years and there are expectations in the North West that this will continue, but there are still notes of caution with 9% of financial intermediaries predicting a drop in prices of 10%.
Chi Ho, head of underwriting at Affirmative, said: “Clearly, the industry is responding well to our efforts with an increase in responses of 6% this quarter.
“The more responses we get, the more data we are able to collect which will allow us to be more effective in what we are trying to deliver.
“Ultimately our goal is to provide our customers and the wider industry with an easily accessible way to get an informed view on the sentiment on the market, and we are humbled so far by the receptiveness and look forward to this continuing in our next report.”