Date Published 22 April 2017
The Halifax track House Price Optimism. They are already renowned for their house price data - which incidentally recorded a rise to February 2017 of 3.8% over the rolling year with the UK average house price now standing at £219,949. The average house prices are empirically tracked over time and both Nationwide & Halifax enjoy significant reportage as a result.
House Price Optimism is survey collected data and is based on the respondents expressing the opinion that they expect prices to either rise, fall, or stay the same. Over the coming months 58% expect prices to rise compared to only 14% who expect them to fall. Those expecting rises have shifted towards more modest rises - rises of up to 5% were the majority view with those forecasting rises of over 5% in the minority.
This is important data for the housing market. Empirical data is normally collected on the evidence available up to today. Sales agreed, properties listed, or transactions completed. What people believe is normally a good starting point for what will occur in the future. These are the sales for the coming months. The Halifax data tells me that buyers are still optimistic, they will still commit to housing, but that they are more wary of prices that are too high. That seems common sense to me and common sense.