One third of homeowners plan to move house over the next 12 months due to rising confidence in the UK property market, research from self storage provider Ready Steady Store has revealed. 

Some 39% of consumers believe the UK property market will improve under the new Labour government, with 35% reporting increased confidence in the market, and 31% ‘somewhat confident’ new policies will help first-time buyers to climb onto the property ladder.

Mehran Charania, director of Ready Steady Store, said: ‘The UK property sector has faced considerable challenges in recent years amidst volatile mortgage rates and uncertain market conditions. 

“However, the proposed housing policies from the new Labour government combined with a reduction in the Bank of England base rate has clearly increased confidence, as affirmed by our research.

“As such, I think many homeowners previously uncertain about a house move will now take the plunge and put their property on the market, driving both sector and economic uplift as a result – so watch this space.”

In terms of challenges, a third (33%) reckon high interest rates and high property prices are the biggest issues to overcome, when it comes to having a healthy market.

Via @PropertyWire