Home-owning Brits are becoming increasingly confident in the region’s real estate market, according to a report Tuesday from Zoopla.
The real estate website found that 84% of homeowners expect prices in their area to grow in value in the next six months, according to a poll of its users in its housing market sentiment survey. That’s a 14% increase since the survey was last taken in November.
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Homeowners predict that prices will rise 6.9% in the same timeframe, an increase over the expected 4.9% growth that was anticipated in November.
"It’s encouraging to see a bounce-back in consumer confidence in the market—it’s the largest increase we’ve seen since 2016," said Lawrence Hall, spokesman for Zoopla, in the report. "This shows that homeowners are starting to regain their confidence in the property market, with those in the east of the U.K. having the most optimism."
Residents in the East Midlands have the highest hopes for their region, with 93% expecting house prices to rise in the next six months, while 90% of residents in the East of England predict the same.
The South West ranked as the third most optimistic region, with 89% of homeowners expecting an increase in their area’s property values, the report said.
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But North East England is the least confident region, with only 63% expecting rises—though residents are 22% more optimistic than they were in November.
London and the Yorkshire and Humber are the second and third least confident regions, with 76% and 84% anticipating increases respectively.
Those in the West Midlands are the most confident about how much their property values will increase, with homeowners predicting values to rise 10.6% over the next six months. Homeowners in the East Midlands are the second most confident, followed by Scotland, as the region’s residents expect properties to grow in value by 9.2% and 8.6% respectively.
Once again, those in North East England are least optimistic about their future property valuations, with homeowners anticipating increases of just 2.6%, the report said.