Good news ‘the key for confidence’

Housing market confidence is important for aiding the revival of the sector in Britain, an expert has said.

Director of financial services firm MyMortgageDirect Catherine Hearnden said good news on the market will cause people to “take heart” and be more tempted to buy.

She also suggested that some are increasingly confident in places where the local employment market is getting better.

“People are just thinking well, maybe if jobs are picking up a little bit we’ll take all our plans off hold and get moving,” Ms Hearnden added.

The expert also suggested some will be keen to “speculate” on prices rising now many perceive the market to have passed the bottom, but added that all such improvements may need the enhancement of lower mortgage loan-value ratios.

Figures from the British Bankers Association this week revealed that both approvals and lending rose in June, although the body said they did so by less than was expected.

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