Halifax’s monthly sentiment tracker survey for November 2020 has revealed that 14% of homeowners felt the value of their property had increased in the last year, compared to 17% asked in September and October.
During the first national lockdown in May only 4% felt the value of their property had risen.
The outlook for house prices is stable with more than a ¼ of owners believe their property to be worth more in 12 months.
The research also showed that insufficient savings remain the biggest issue for people wanting to purchase a property.
We suggest mortgage activity will fall over winter as the stamp duty holiday ends in March 2021 and then redundancies take over to slow the market and potentially move it into reverse. We expect property prices to fall in 2021.