17 Dec

Confidence 'is returning to the property market'

Confidence 'is returning to the property market'

Confidence is slowly returning to the property market, with house prices expected to rise in 2010, a new study has revealed.

The Building Societies Association (BSA) Tracker survey predicted that property values will increase by three per cent in the new year.

According to the BSA, this report, which collated information from 2,000 people, indicates that confidence is "slowly returning" to the sector.

Paul Broadhead, head of mortgage policy at the organisation, commented: "The stabilisation of house prices over the latter part of the year is clearly reducing pessimism in the housing market."

However, he added that any increase was likely to be "moderate at best" due to the instability within the jobs market.

On December 16th, the Office for National Statistics announced that the unemployment rate for the third quarter of 2009 remained unchanged at 7.9 per cent, compared with the previous three months.

Figures show that more than 2.49 million people in the UK are currently out of work.ADNFCR-1222-ID-19518186-ADNFCR

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