Optimism is returning to the property market with the number of people planning to move doubling over the last 12 months from 7 per cent to 14 per cent, according to research from Clydesdale and Yorkshire Banks.
Clydesdale and Yorkshire Banks’ Annual Housebuyers Research shows that the largest percentage of those planning to move are in the London area where 18 per cent intend to buy a new home in 2014, closely followed by 17 per cent in both Wales and the Midlands.
In contrast, only 11 per cent of those surveyed in both Scotland and in the North West have included moving house in their plans for the New Year.
Just over one in five (22 per cent) intend to improve or extend their home, which is exactly the same as last year.
Almost half of the respondents (48 per cent) think the value of their homes will increase in 2014 with only 3 per cent anticipating a drop in value.
Andrew Pearce, retail director for Clydesdale and Yorkshire Banks, said: “A New Year is traditionally a time for planning and looking ahead and our survey has shown that moving home is again becoming a priority for many people.
“Our Annual Housebuyers Research has also highlighted that this is coupled with sustained confidence in property prices with almost half of those surveyed anticipating that the value of their home is set to increase.”
Clydesdale and Yorkshire Banks have just launched a new range of mortgages. As well as products for those looking to take their first step on the property ladder, there are a number of mortgages fixed for two and five years which come with a £500 cashback offer and no arrangement fees on selected products. The first-time buyer and fee offer mortgages come with a free standard valuation and there is no funds transfer fee.
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