Monday, October 12, 2009
People Remain Long Term Property Bulls
I'm sure it's the same in the UK. People think property always goes up (fast) over the long term, and any falls are short term only. In our survey, we ask, â€œOn average over the next 10 years, how much do you expect the value of your property to change each year?â€ The average answer among 311 respondents in 2009 was an increase of 11.2 percent. In our survey data from one year earlier, when prices were falling at an annual rate of nearly 20 percent, buyers were still expressing long-term optimism. Then, the average answer to the question about expected yearly increases in home values was 9.5 percent a year.