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Homeowners seek to capitalise on property boom

Statistics are showing that 95% of homeowners are expecting property prices to rise over the next six months.

The survey, undertaken by Zoopla, questioned 5,000 people about their expectations of the housing market, with a further 42% of homeowners planning to capitalise on the expected rise by carrying out home improvements.

The predicted rise in house prices of 8.8% is approximately double that which was predicted this time last year. It shows a growing optimism in the UK housing market, with just three percent of respondents predicting that the market will stabilise or stagnate, and two percent predicting a decrease.

Whilst one third of homeowners suggested that they are seeking to move, almost half of those surveyed said they are going to make home improvements as they look to further increase the value of their initial investment.

Lawrence Hall of Zoopla referred to “smart sellers” who plan to use the strong demand to increase their “capital gains”.

Whether this is through extensions to the house, improvements to the external façade or even hardwood flooring, from North Wales to Northampton these so-called smart sellers are enjoying the recovery, and their investment will only encourage it further. Indeed, Welsh homeowners saw the biggest increase in confidence across all those surveyed.

According to Zoopla, the results are encouraging when it comes to driving “activity on all rungs of the ladder”. Peter Rollings, of estate agency Marsh and Parsons, also added that inflation is coming down and wages are up, so the implication is that people are not only more desirous of moving, but they are also keen to make their house more desirable to those looking to get on the ladder.

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