Property Confidence Slump

Consumer confidence in the housing market has fallen to its lowest level in 12 months.

According to the Halifax the dip mirrors the small fall in confidence over the outlook for the economy in the coming year. The average house price in Fife now rests at £135, 000. However the overall picture for house prices remains relatively robust as the difference between those who think it is a good time to buy and those who think it is a good time to sell has converged, which points to a period of fairly stable house prices.

Craig McKinlay, Mortgages Director at Halifax, said: "In the last three years consumer confidence in the outlook for the housing market has increased significantly. For the last year however, it seems to have reached a ceiling and, with speculation as the strength of the economy increasing in the last few months, confidence has fallen to its lowest level in 12 months.

"However, the national figures mask big regional differences, and more than half of people in London (55%) think the next 12 months will be a bad time to buy compared to compared to just over a third (37%) of Britons overall."