According to property investment consultancy, Property for Life, only 6 per cent foresaw a future drop in the average UK house price, with 20 per cent predicting the market will level out and 74 per cent seeing room for future growth.
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David Austin, Property for Life managing director, said: The results of this survey prove what we have all known for a long time there is no better investment opportunity than property. Interest rates have risen steadily since mid-2005, but despite further predicted rises, the residential housing market shows no sign of contracting. The average house price in April 2007 was around £180,000 up from £162,000 a year ago, and this survey shows that the general public still believe that there is room for further growth.
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Property is quite simply an unmatched investment in terms of both the returns on offer and relative security. More and more people are realising the long-term benefits that can be accrued from property investment, and this is demonstrated in the bullish outlook the UK public currently has on the UK property market.
The survey also showed that, if interest rates rise to 5.5 per cent next week as expected, 58 per cent of people see the possibility of further rate rises, with 30 per cent feeling that the final figure could go to 6 per cent or over.
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Austin added: Its clear that people dont have much faith in the Bank of Englands ability to control inflation and hence are fearful of further interest rate rises. What is interesting is that, although nine out of 10 people predict further interest rate rises, only one-third feel that this is actually necessary.
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