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Property boom set to continue

The property boom looks set to continue, with the majority of buyers believing any rise in interest rates will be merely a temporary blip and will not temper the market, according to Yorkshire Bank.

Its latest housebuyer survey reveals that almost two-thirds of homeowners believe the value of their property will rise in the next year, a 12 per cent increase over the last quarter.

Buyers in East Anglia were the most confident, where almost three-quarters of people surveyed thought the value of their home would increase, double the number of people in Wales who think the same.

Flying in the face of a predicted downturn, buyers are unconcerned by a rise in interest rates. Just 14 per cent think that if interest rates rise at the end of this month it will signal an end to the current upward trend.

The survey shows buyers are playing tougher than ever, with a significant resurgence in ruthless gazumping. More are also willing to immediately offer over and above the asking price for their dream home.

Yorkshire says this all spells disaster for first-time buyers, often already borrowing the maximum amount they can and leading many FTBs to club together with friends to buy their first home.

Head of personal lending Andrew Hindle says: “Unfailing housebuyer confidence is maintaining the housing market&#39s buoyancy. Turning to rate rises to take the heat out of the housing market, looks optimistic in the face of the latest feedback from the housebuyers.”

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Neptune video: UK economy: a sustainable recovery?

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