15 Feb

'New momentum' in housing market

'New momentum' in housing market

Improved confidence is being seen in the British housing market, according to new figures published by the National Association of Estate Agents (NAEA).

The body said that in January, there was an 11 per cent rise in home buyers from the previous month, while sales per agent increased from five to eight.

And the proportion of first-time buyers also grew, it noted, to make up 14.5 per cent of sales, a year-on-year hike of three per cent.

Peter Bolton King, chief executive at the NAEA, claimed that the recent trimming of the base rate of interest by the Bank of England has had a positive impact.

"I am confident that we have just started to see the benefit of first interest rate cut in December and the latest quarter percent decrease in February will further help boost the confidence of all buyers and particularly first-time buyers," he commented.

He added that buyers should attempt to ignore the deluge of negative stories being generated in the press about the housing sector.

Recently, HotProperty.co.uk also claimed that the recent gloomy outlook is not a reality, as it witnessed strong activity in terms of people looking for homes in January.ADNFCR-1222-ID-18469663-ADNFCR

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