A recent survey has highlighted that more homeowners in the country feel pessimistic about the value of their home. The survey showed that nearly 20 percent of households have seen the value of their property decline recently, where as only 8 percent have seen a rise in the value of their property.
This indicates an HPSI figure of 45.6, which is a reduction from the number in June, this marks the two-year and one-month where the HPSI has consistently fallen. If the HPSI is recording a figure of under 50 it indicates that the price of houses are falling, the lower the figure, the faster the decline. Any figure that is recorded over 50 indicates that the price of houses is rising.
The recent survey involved over 1500 households in different locations in the UK. It highlighted that London was the only part of the country that saw a price increase in homes, with an HPSI figure of exactly 51.
In all of the other 10 regions of the country house prices fell and although there is a significant divide between the property prices in the south of the country and the North, the gap seems to be closing.
Despite the decrease in property prices, many households are expecting that in the near future the price of their property is going to rise. Over the next 12 months around 30 percent of households think that their property is going to increase in value. Only around 25 percent are expecting a decline to take place.
Those who were answering the survey in London remain most optimistic that the value of the property will increase over the coming year, with estimated HPSI figures of 60 to 63. Not everyone is so optimistic and figures in Yorkshire and Humber at their lowest point since early 2009.