Householders in London perceived that the value of their home had risen at the strongest rate, although the index figure of 70.5 represents the lowest level of confidence since December 2013 following three consecutive monthly falls.
Additionally, the perception of households in the South East (69.7) and the East of England (68.3) was so positive, that they were ranked as experiencing the second and third strongest price rises amongst regions in the UK respectively.
Taking all data into account, this month’s HPSI had a reading of 62.4, making July the 16th consecutive month where the reading has been above 50. Any number above the magic 50 figure means that prices are rising, while any figure below indicates a drop in prices.
The future also seems to be bright for house-owners, with a reading of 71.7 being recorded in July’s future HPSI, which measures what households think will happen to the value of their property over the next year.
These rising prices, however, have done little to discourage house-buyers with some 6.7% of those surveyed declaring that they have plans to buy a property in the next year. This is up from 6.2% in June.
Many respondents have long-term plans to acquire property, with 19% declaring that they aim to purchase a property within the next five years, and a further 23.8% indicating that they desire to buy a house or apartment in more than five years’ time.
The report also showed that those who own their homes outright were more confident of price rises than mortgage borrowers.