Confidence in property prices up

Posted: 06 May 2009 10:43:01 GMT

UK consumers have shown more confidence in the imminent future of property prices.

According to Nationwide Building Society's Consumer Confidence Index for April, people believe that the cost of property will drop two per cent over the next six months.

This compares favourably to the survey's finding in March, which showed that consumers felt property prices would fall three per cent in the next half-year period.

Nationwide's senior economist Martin Gahbauer put the more confident mood down to a number of factors, including recent data that suggests the bottom of the property market is fast approaching.

Various industry commentators have indicated that the housing sector has started showing signs of improvement in the last couple of months.

Mr Gahbauer said: "In recent weeks, we have seen a strong rebound in global equity markets and some tentative signs of improvement in housing market indicators, both of which may have contributed to the marked upturn in consumer confidence during April."


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