17
Dec
Confidence 'is returning to the property market'
Confidence is slowly returning to the property market, with house
prices expected to rise in 2010, a new study has revealed.
The Building Societies Association (BSA) Tracker survey predicted
that property values will increase by three per cent in the new
year.
According to the BSA, this report, which collated information from
2,000 people, indicates that confidence is "slowly returning" to
the sector.
Paul Broadhead, head of mortgage policy at the organisation,
commented: "The stabilisation of house prices over the latter part
of the year is clearly reducing pessimism in the housing
market."
However, he added that any increase was likely to be "moderate at
best" due to the instability within the jobs market.
On December 16th, the Office for National Statistics announced that
the unemployment rate for the third quarter of 2009 remained
unchanged at 7.9 per cent, compared with the previous three
months.
Figures show that more than 2.49 million people in the UK are
currently out of work.