Property price confidence increases - buy to let mortgages

06 May 2009

Nationwide Building Society's Consumer Confidence Index for April has shown a monthly improvement in people's attitudes to the future of house prices.

According to the survey, consumers believe property prices will drop two per cent in the next six months.

Those who have been approved buy to let mortgages may wish to act in the coming months to try and purchase bricks and mortar at as low a price as possible.

Indeed, March's index showed that consumers believed house prices would drop three per cent in the next half-year period, which suggests confidence is increasing in the sector.

Nationwide's senior economist Martin Gahbauer said that one of the reasons for this positive outlook on the industry is due to various surveys from property professionals - such as the building society's house price index for March - suggesting an upturn in the sector's fortunes.

"In recent weeks, we have seen a strong rebound in global equity markets and some tentative signs of improvement in housing market indicators, both of which may have contributed to the marked upturn in consumer confidence during April," he explained.

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