Property market confidence remains steady, with no changes reported for the fourth consecutive month.
The July Woolwich Consumer Confidence Index shows that homeowners remain tentative about the housing market.
The Index shows the same figures it has recorded since April of this year, with 49 per cent of homeowners expecting an increase in the value of their properties over the next year.
These figures are much lower than last year's 62 per cent in July.
The unmoved figures over the last few months indicate that the property market had been waiting for a reduction in interest rates. However, it remains to be seen what the influence of the quarter per cent cut will be.
"It’s the first cut in the base rate for two years, so this is our best chance to shake the housing market from its lethargy," reckons Andy Gray, the head of mortgages at Woolwich.
He says that people who are already repaying mortgages will benefit a little from the interest rate cut. However, he said he is unsure whether first time buyers and others looking to find a mortgage will be enticed to venture into the property market because of the interest rate cut.
"We will look with interest to see how buyers respond," Mr Gray commented.
Homeowners still tentative after interest rate cut
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Homeowners still tentative after interest rate cut
Mon, 15 Aug 2005
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