A high proportion of people think that residential property prices in the UK will increase this year, despite political and economic uncertainty.

Fresh research reveals that just under half – 48% – of homeowners forecast that home prices in their local area will increase by up to 10% over the next 12 months, in spite of the fact that many of those surveyed believe that property prices are already too high.

The OnePoll survey, conducted by Freehold Sale, targeted 500 respondents across the UK who planning to acquire property over the next five years, to find out their levels of confidence in the current UK property market.                                        

When asked about their attitude towards current property prices, 41% of respondents consider properties in their area to be overpriced.

London was viewed as the most overpriced region among 57% of respondents, followed by the South East (54%), South West (52%) and East Anglia (50%).

When asked about house prices, the survey found that 48% of Brits think that house prices will increase by up to 10% over the next 12 months. A quarter of these respondents believe house prices will increase by 0-5%, and 23% believe they will rise by 6-10%.

When asked about the cause of this predicted price increase, 43% of respondents think the outcome of the EU referendum will be responsible for the change in UK property prices over the next 12 months.