Confidence in the UK housing market remains strong, according to the latest quarterly Halifax Market Confidence Tracker (HMCT), and comes against a backdrop of cooling confidence in the wider economy. Despite declining steadily since last May, house price optimism (HPO) in the final quarter of 2015 continued to show that a majority of Britons believe that average UK property prices will be higher rather than lower 12 months from now (+61 compared to +63 in September 2015, and +68 in May 2015). Over three in ten Britons (13%) predict the average UK property price to rise by 15% or more.

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Ipsos MORI SlideShare summary of findings & trends
05/01/2016
Q4 2015
Q3 2015

2. © Ipsos MORI
*
House Price Outlook (HPO)
* benchmark given = £205,240 (source: Halifax HPI October 2015)
% mentioning
Q. …Do you think the average property price in the UK will be higher or lower in 12
months time or will it be the same? [respondents given average UK house price*]
4
29
25
10
20
Lower by
15% or
more
Lower
by 10%-
15%
Lower
by 5%-
10%
Lower
but less
than 5%
lower
The
same
Higher
but less
than 5%
higher
Higher
by 5%-
10%
Higher
by 10%-
15%
Higher
by 15%
or more
7
Don’t
know
Lower Higher
* 2
Source: Halifax/Ipsos MORI
Housing Market Confidence Tracker
Base: 1,956 GB adults 16+, 04-18 Dec 2015
3

3. © Ipsos MORI
+9
-2
+7
+19
+15
+15
+20
+33
+40
+64 +66
+65
+66
+62
+57
+62
+52
+60
+64
+58
+68
+64
+63
+61
-20
0
20
40
60
80
HPO – balance of % higher minus % lower (+)
Q. Do you think the average property price in the UK will be higher or lower in 12 months time or
will it be the same? [respondents given average UK house price sourced from Halifax HPI]
Source: Halifax/Ipsos MORI
Housing Market Confidence Tracker
Base: 1,000-2,000 British adults 16+
House Price Outlook trend

4. © Ipsos MORI
+9
-2
+7
+19+15
+15
+20
+33
+40
+64
+66
+65
+66
+62
+57
+62
+52
+60+64
+58
+68+64 +63
+61
-28
-32
-48
-14
-32
-9 -6
-19
0
+23
+15
+23
+29
+24
+19
+5
+12
+11
+21 +21
+26
+16 +1
-1
-60
-40
-20
0
20
40
60
80
HPO
EOI
HPO – balance of % higher minus % lower
EOI – balance of % improve minus % get worse
Q. Do you think the average property price in the UK will be higher or lower in 12 months time or
will it be the same? (HPO)
Q. Do you think the general economic condition of the country will improve, stay the same, or
get worse over the next 12 months? (EOI)
Source: EOI – Ipsos MORI
(measures in advance of or during HMCT fieldwork)
HPO and EOI trends
Source: HPO – Halifax/Ipsos MORI
Housing Market Confidence Tracker
Base: 1,000-2,000 British adults 16+

5. © Ipsos MORI
+9
-2
+7
+19
+15+15
+20
+33
+40
+64
+66+65 +66
+62
+57
+62
+52
+60
+64
+58
+68
+64 +63
+61
18
13
10
24
15
11 13
21
30
41
51
56
57
53 51
55 52
56 59 56
60 59
52
55
-20
0
20
40
60
80
HPO
Selling
sentiment
Q. Do you think the average property price in the UK will be higher or lower in 12 months time or
will it be the same? (HPO)
Q. Thinking about the next 12 months, do you think it would be a good time or a bad time for
people in general to sell a property?
HPO and selling sentiment
Source: Halifax/Ipsos MORI
Housing Market Confidence Tracker
Selling sentiment –
% agree good time
to sell
HPO – + balance
of % higher
minus % lower
Base: 1,000-2,000 British adults 16+

6. © Ipsos MORI
‘Higher’ trends
3%
10%
25%
29%
20%
0
5
10
15
20
25
30
35
40
Q. Do you think the average property price in the UK will be higher or lower in 12 months time or
will it be the same? (HPO)
Source: Halifax/Ipsos MORI
Housing Market Confidence Tracker
% the same
% < 5% higher
% 5 - 10% higher
% > 15% higher
% 10 - 15% higher
Base: 1,000-2,000 British adults 16+

7. © Ipsos MORI
‘Lower’ trends
*%
2%
4%
20%
0
5
10
15
20
25
30
35
40
Q. Do you think the average property price in the UK will be higher or lower in 12 months time or
will it be the same? (HPO)
Source: Halifax/Ipsos MORI
Housing Market Confidence Tracker
% the same
% < 5% lower
% 5 - 10% lower
% > 15% lower
% 10 - 15% lower
Base: 1,000-2,000 British adults 16+

8. © Ipsos MORI
-80
-60
-40
-20
0
20
40
60
80
+17
+24
+15
Net (±)
Net good time sell
Net good time buy
-43
-63
+18
Q. Thinking about the next 12 months, do you think it would be a good time or a bad time for
people in general to buy/sell a property?
Source: Halifax/Ipsos MORI
Housing Market Confidence Tracker
-64
-38
-55
+23
-62
+27
Base: 1,000-2,000 British adults 16+
Apr
2011
Oct
2011
Jan
2012
Mar
2012
June
2012
Oct
2012
Dec
2012
+20
-58
+25
-42
Mar
2013
+27
-26
June
2013
Sept
2013
+12
+35
-6
Dec
2013
Buying and selling sentiment
Mar
2014
+24
+25
+34
+25
+5
Jul
2014
+11
+19
Sept
2014
+26
+24
+14
+25
Nov
2014
Dec
2014
+27
+21
Jan
2015
+35
+27
Feb
2015
Mar
2015
+21
+33
+26
+30
Apr
2015
+27
+34
May
2015
+25
+32
June
2015
+20
+20
Sept
2015
+26
+23

9. © Ipsos MORI
Q. Thinking about the next 12 months, do you think it would be a good time or a bad
time for people in general to buy/sell a property?
Good time buy/
good time sell
14% 15%
39%
15%
Buying/selling sentiment combined
Source: Halifax/Ipsos MORI
Housing Market Confidence Tracker
Base: 1,956 GB adults 16+, 04 Dec – 18 Dec
Good time buy/
bad time sell
Bad time buy/
good time sell
Bad time buy/
bad time sell
+3 -2 -1 -1
+ change vs September 2015

10. © Ipsos MORI
44% good time
Regional buying sentiment
Q. Thinking about the next 12 months, do you think it would be a good time or a bad
time for people in general to buy a property?
Source: Ipsos MORI for Halifax
GB London
South
England
North
England Midlands
54%
good time
51% good
time
29%
bad time
26%
bad time
31%
bad time
57%
good time
39%
bad time
36%
bad time
47%
good time
Base: 1,956 GB adults 04 Dec – 18 Dec 2015, including 321 in London, 325 South England (SE, SW), 542 North England (NW, NE, Y&H)
and 334 in the Midlands.

11. © Ipsos MORI
61%
good time
Regional selling sentiment
Q. Thinking about the next 12 months, do you think it would be a good time or a bad
time for people in general to sell a property?
Source: Ipsos MORI for Halifax
29%
bad time
GB London
South
England
North
England
Midlands
55%
good time 49%
good time
21%
bad time
34%
bad time
55%
good time
52%
good time
28%
bad time
28%
bad time
Base: 1,956 GB adults 04 Dec – 18 Dec 2015, including 321 in London, 325 South England (SE, SW), 542 North England (NW, NE, Y&H)
and 334 in the Midlands.

12. © Ipsos MORI
Mortgage and savings interest rates – trend
50%
28%
4%
10%
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
Mortgage interest rates higher Savings account interest rates higher
Mortgage interest rates lower Savings account interest rates lower
Q5a. In 12 months’ time do you think mortgage interest rates will be higher, lower or the same?
Q5b. In 12 months’ time do you think interest rates for savings account rates will be higher, lower
or the same?
Source: Halifax/Ipsos MORI
Housing Market Confidence Tracker
Base: c.1000 British adults1,956 age 16+
% mortgage higher
% mortgage lower
% savings higher
% savings lower

13. © Ipsos MORI
58
42
37
31
20
11
11
10
9
3
3
3
Being able to raise enough deposit
Job security
Rising property prices
Household finances
The general availability of mortgages
Concerns about rises in interest rates
Fees related to buying a house
Shortage of property for sale
Shortage of the right type of property
The level of stamp duty/taxation
Falling property prices
Don’t know
Q. Now thinking about the current situation, which 2 or 3 of these, if any, do you
think are the main barriers to people in general being able to buy a property?
Source: Halifax/Ipsos MORI
Housing Market Confidence Tracker
Barriers to buying
Change + vs Sept 2015
+1
0
+6
0
+3
-5
0
0
0
0
+1
Base: 1,956 GB adults 16+, 12 – 24 Sept 2015
0

14. © Ipsos MORI
0
10
20
30
40
50
60
70
% job security % finances % rises in interest rates % rising property prices
% raise enough deposit % mortgages % shortage want to live % shortage want to buy
% falling property prices % fees and costs % stamp duty/taxation
11%
Q5. Now thinking about the current situation, which 2 or 3 of these, if any, do you think
are the main barriers to people in general being able to buy a property?
Barriers to buying – trend data
58%
42%
37%
31%
20%
11%
9%
Source: Halifax/Ipsos MORI
Housing Market Confidence Tracker
Base: 1,000 – 2,000 British adults 16+
3%
10%

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Ipsos MORI SlideShare summary of findings & trends
27/01/2016
Local and historic house price movements
Q3 2015

16. © Ipsos MORI
*
House Price Outlook (HPO)
* benchmark given = £205,240 (source: Halifax HPI October 2015)
% mentioning
Q. …Do you think the average property price in the UK will be higher or lower in 12
months time or will it be the same? [respondents given average UK house price*]
4
29
25
10
20
Lower by
15% or
more
Lower
by 10%-
15%
Lower
by 5%-
10%
Lower
but less
than 5%
lower
The
same
Higher
but less
than 5%
higher
Higher
by 5%-
10%
Higher
by 10%-
15%
Higher
by 15%
or more
7
Don’t
know
Lower Higher
* 2
Source: Halifax/Ipsos MORI
Housing Market Confidence Tracker
Base: 1,956 GB adults 16+, 04-18 Dec 2015
3

17. © Ipsos MORI
59 %
higher
Regional dimension: HPO
Q. Do you think the average property price in the UK will be higher or lower in 12
months time or will it be the same?
Source: Ipsos MORI for Halifax
67%
higher
GB London
South
England
71%
higher
North
England
75%
higher
Base: 1,956 GB adults 04 Dec – 18 Dec 2015, including 321 in London, 325 South England (SE, SW), 542 North England (NW, NE, Y&H)
and 334 in the Midlands.
63%
higher
Midlands
6%
lower2%
lower
6%
lower
6%
lower
5%
lower

18. © Ipsos MORI
1
Local House Price Outlook
Q. Now thinking about the area where you live, what do you think the average price of
property will be in 12 months’ time? Do you think that it will be higher, lower or will it
be the same?
4
22 22
9
27
Lower by
15% or
more
Lower
by 10%-
15%
Lower
by 5%-
10%
Lower
but less
than 5%
lower
The
same
Higher
but less
than 5%
higher
Higher
by 5%-
10%
Higher
by 10%-
15%
Higher
by 15%
or more
9
Don’t
know
Lower Higher
* 1
Base: 1,000 GB adults 16+, 04-18 Dec 2015
5
Source: Ipsos MORI for Halifax

19. © Ipsos MORI
53%
higher
Regional dimension: Local House Price Outlook
Source: Ipsos MORI for Halifax
58%
higher
GB London
South
England
72%
higher
North
England
71%
higher
Base: 1,000 GB adults 04 Dec – 18 Dec 2015, including 167 in London, 170 South England (SE, SW), 270 North England (NW, NE, Y&H)
and 172 in the Midlands.
45%
higher
Midlands
7%
lower2%
lower
6%
lower
6%
lower
Q. Now thinking about the area where you live, what do you think the average price of
property will be in 12 months’ time? Do you think that it will be higher, lower or will it
be the same?
3%
lower

20. © Ipsos MORI
House price change
* benchmark given = £205,240 (source: Halifax HPI October 2015)
% mentioning
13
20
16
6
19
Lower by
15% or
more
Lower
by 10%-
15%
Lower
by 5%-
10%
Lower
but less
than 5%
lower
The
same
Higher
but less
than 5%
higher
Higher
by 5%-
10%
Higher
by 10%-
15%
Higher
by 15%
or more
10
Don’t
know
Lower Higher
1
Base: 956 GB adults 16+, 04-18 Dec 2015
3
Q. Still thinking about the average UK house price in October 2015 which was £205,240,
do you think that it was higher than 12 months previously – that is in October 2014 –
was it lower, or was it the same?
4
9
Source: Ipsos MORI for Halifax

21. © Ipsos MORI
On average, people under-estimate extent of house price rises
1% average vactual 10%
Average – Source: Ipsos MORI/Halifax (956 GB adults 16+, 04 -18 December 2015). The average public estimate of
house price movement was derived by showing respondents potential movements (in percentage and price terms) and
then averaging the prices given by all those providing an answer.
Actual – 10% change Oct 2014-Oct 2015 Source: Halifax HPI

22. © Ipsos MORI
Regional dimension: house price change
Source: Ipsos MORI for Halifax
45%
higher
London
South
England
46%
higher
North
England
53%
higher
Base: 956 GB adults 04 Dec – 18 Dec 2015, including 154 in London, 155 South England (SE, SW), 272 North England (NW, NE, Y&H)
and 162 in the Midlands.
40%
higher
Midlands
27%
lower
Q. Still thinking about the average UK house price in October 2015 which was £205,240,
do you think that it was higher than 12 months previously – that is in October 2014 –
was it lower, or was it the same?
28%
lower
27%
lower
29%
lower
41%
higher
23%
lower
GB

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