Confidence on up in UK property market

Confidence among UK estate agents is beginning to improve, according to research from property portal HotProperty.co.uk.

Amid a gradual decline in average prices in recent months, fears over the future direction of the property market have been on the increase.

However, this trend has now begun to reverse according to the organisation.

The research finds some 72 per cent of estate agents were more confident in the market during January than they were in December.

This compares to only 56 per cent who were optimistic about the future throughout December.

The January figure is also a massive improvement on confidence in November, when just 33 per cent of agents said they were upbeat over future of the market.

"The last few months of 2007 were rocky times for the property market with the global credit crunch and Northern Rock lowering consumer confidence and causing widespread fear," said Shawn Luetchens, HotProperty managing director.

"Because of this, we entered 2008 cautiously, with everyone expecting the worst."

Yet, these fears appear to be unfounded at present.

"However as our January index shows, agents are feeling much more confident about the market than they have for the last three months," continued Mr Luetchens.

"This is possibly a reaction to the influx of New Year buyers on the market, but also because, although the market is slower and house price growth is down, overall it is reasonably steady."