(MENAFN Press) (EMAILWIRE.COM, November 14, 2012 ) Victoria, Australia-
Nearly one third of an individuals surveyed think the housing market will be trending upwards in the coming months. The 29% optimistic mark is a 7% increase for those who believe good things are coming for the industry, according to the property search website RightMove.
The belief that the mortgage market is and would be improving was the most cited reason by those surveyed. Thirty-two percent felt that the mortgage market is improving overall.
The return of house price confidence, as well as better access to mortgages, are crucial ingredients to the market moving up again.
Even with the level of positivity, most believe the market will rise less than 5%, but even that modest move can help those who are trapped in negative equity move their properties.
Out of those surveyed, four out of every 10 believe prices will remain near their current number within a year's time. A quarter of those surveyed expect a slight lean downwards by next year.
The study showed that a fifth of those who bought a home between 2007 and this year do believe it is now worth less than they paid. Among those surveyed, 17% believe there are in negative equity, which means their mortgage balance is bigger than the value of their home.
Miles Shipside, Director of RightMove, said: "Many built strategies on the cornerstones of increasing property prices and low or no deposit lending. The result of this approach is a negative equity millstone around the necks of many buyers from that era which will take years to lift.
"In the current economic climate it will take more than a modest recovery in property prices to help its victims consider moving home again."
The British government launched a 120 billion scheme to kickstart lending over the summer. That move has helped increase mortgage availability; however, many competitors among lenders have aimed their focus at those with larger deposits to put down.