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Woolwich reveals consumer house confidence on the increase

16 February 2005
Confidence in the housing market is on the up for the first time since May 2004, the Woolwich consumer confidence index reveals.

The building society's index suggests that 40 per cent of home owners believe the value of their properties will increase, compared with 39 per cent in December last year.

First-time buyers are also confident of making a return on their property - 47 per cent of 20-29 year olds surveyed said they believed the value of their property will continue to increase, compared with just 41 per cent in the 30-39 age group.

"We have started to see a slight increase in confidence as we move towards spring which is traditionally when people look to invest in a new property," said Andy Gray, head of mortgages at Barclays and the Woolwich.

"It is reassuring to see that 75 per cent of home owners believe that the value of their property will remain the same or increase, suggesting an element of stability is entering the market."

Consumer confidence was also indicated in a Yorkshire Bank survey released on Monday, which saw more than 40 per cent of first-time buyers, prompted by steadying house prices and interest rates, say they believed that now is the best time to get on the property ladder in years.

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