22 Feb

'Fresh confidence' in January

'Fresh confidence' in January

Consumers have started the new year with a renewed sense of optimism in the property market, according to new figures released by the National Association of Estate Agents (NAEA).

In January, more first-time buyers were able to enter the property market and made up 14.5 per cent of all customers in the month, the organisation noted.

And members of the NAEA claimed that 83 properties on average were put up for sale last month, higher than the 76 seen in December.

Stewart Lily, president at the group, believed that a drop in the base rate of interest has encouraged people back to the industry.

"The past couple of interest rate cuts have seemed to taken effect on boosting consumer confidence and the market has started to stabilise and see a renewed sense of optimism set in," he commented.

Dresdner Kleinwort Wasserstein staff member Alastair Stewart has said that the UK housing market may be about to collapse, reports the Times.ADNFCR-1222-ID-18480030-ADNFCR

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