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Optimism despite global gloom

The UK housing market looks set to remain buoyant in 2002 despite concerns over a global econ- omic slowdown, according to Yorkshire Bank.

Its quarterly survey of attitudes towards the UK property market found nine out of 10 people say the economic climate has no effect on their intention to buy a house this year.

The number of people who intend to move this year has remained unchanged since September, with one in four saying they will move.

Forty-nine per cent are confident that the value of their home will continue to increase over the next 12 months, which is only 4 per cent down on the past quarter.

Across the country, those who believe their property value will fall remains steady at 6 per cent. Only Londoners and those in the South-east are more concerned about falling values, with 10 per cent anticipating a drop.

There has been an 11 per cent increase in the number of homebuyers opting for a standard variable-rate mortgage since Yorkshire&#39s third-quarter survey.

General manager of personal financial services Paul Fegan says: “The prospects for the UK housing market over the coming year look rosier than some in the industry have been predicting. It is encouraging to see the wider global slump appears to be having little negative effect on the actual buoyancy of the housing market.”


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