Everest industry news
Bank of England predicts boost in buyer confidence
02 May 2008
The Bank of England expects to see a resurgence in consumer confidence over the coming months.In its periodic financial stability report, the central bank predicts that measures to improve mortgage availability will see buyers flock back to the property market.
John Gieve, deputy governor for financial stability, said: "The most likely path ahead is that confidence and risk appetite will return gradually in the coming months."
The National Association of Estate Agents (NAEA) has welcomed the announcement, which reinforces its belief that the current slowdown will be short-lived.
Peter Bolton King, the industry body's chief executive, said the news itself "should certainly come as a great boost to consumer confidence".
He is urging the Bank of England to continue reducing interest rates to "help bolster consumer confidence even further".
The head of the NAEA also notes that the latest property price figures are indicative of a market correction, rather than "a dramatic fall that some doom and gloom merchants are predicting".
"It shows we are looking at a return to a more steady market, rather than the fantastic price hikes we have seen in the previous ten years," he said.
As confidence in the property market returns, homeowners considering a move are urged to consider lucrative home improvements before marketing their house.
Double glazing is one such improvement that can make your home more appealing to prospective buyers, delivering benefits such as improved heat retention and sound insulation.
