An indicator of expectations of residential property prices in the United Kingdom deteriorated for the twentieth consecutive month in February, data from a survey by Knight Frank and Markit Economics showed Friday.
The house price sentiment index dropped to 43.1 in February from 43.2 in January. An index reading below 50 indicates decline, while one above suggests growth. The majority of those who own homes expect prices to fall over next 12 months, while mortgage borrowers expect prices to rise, data showed.
The expectations component of the index, which measures what households think will happen to the value of their property over the next year, rose slightly above the 50 no-change mark during the month, indicating that average prices will remain broadly flat.
"The outlook among households for property prices over the next 12 months varies on a regional basis, emphasising the multi-speed housing market," Gráinne Gilmore, head of UK residential research at Knight Frank, said. "Yet the overall outlook is muted, reflecting the economic travails of the UK and the Eurozone which are sapping confidence in many parts of the UK."
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