The annual Housebuyers Research from Clydesdale and Yorkshire Banks has revealed that half of UK homeowners anticipate an increase in the value of their property over the next 12 months.

The latest figures show confidence has doubled since 2013 and is only 4% than it was in 2015.

The new findings also show that only 2% of the population are concerned that their home will decrease in value while 48% anticipate no change.

Steve Fletcher, director of retail banking at Clydesdale and Yorkshire Banks, said: “There have been great changes within our property market and our latest research shows a sustained level of confidence in property values over the past three years.”

London remains the key property hot spot with 73% of those surveyed confident in escalating prices in the capital and no one predicting a downturn in property prices.

In contrast, 33% of respondents in the North West believe their property will increase in value in 2016, with 65% believing there will be no change and 2% fearing a decrease.

Fletcher added: “There are a number of different factors which have played their part in the ongoing recovery of the property market. The Bank of England base rate has remained low and there has been steady growth in property prices and this has been reflected with sustained confidence of UK homeowners.”