Home owners now confident of spending

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CONFIDENCE in the UK property market has reached a three year high, according to new research from Clydesdale and Yorkshire Banks.

But despite that, in the North West, just 10 per cent plan to move home, while 47 per cent of those surveyed said they planned to stay put.

Nationally, almost a quarter of people plan to change their current property either by extending or carrying out home improvements.

A further 14 per cent said they want to sell their house in the coming year.

Finances are also high on the agenda with 11 per cent planning to either pay off their mortgage, make overpayments or re-mortgage in the coming 12 months.

The results – which show a consistently improving picture in the three years since homeowners were first asked about confidence levels – were revealed in the latest Annual Housebuyers Survey by the Banks.

The survey supports the latest findings from the Council of Mortgage Lenders which reported that 2014 lending levels were the highest since 2007.

Among those surveyed by the Banks in 2013, 62 per cent of people said they planned to simply stay in their current home.

The figure dropped to 58 per cent a year later and dipped by a further 17 per cent to 41per cent in 2015.

Of those planning a move in the next 12 months, Londoners are most likely to move with 22 per cent putting up a For Sale sign.

Steve Fletcher, head of Clydesdale and Yorkshire Banks Retail Network, said “We have seen optimism returning to the property market over the last few years and this seems to be growing with more people planning house changes whether it is to move, make home improvements, pay off their mortgage or even help a family member to get onto the property ladder.”

“Whatever the circumstances Clydesdale and Yorkshire Banks have a range of products to suit different needs and budgets and to help make the UK’s property aspirations for 2015 a reality.”

Not surprisingly confidence is at its highest in London where 64 per cent believe their property will increase in value in 2015.