Although the Bank of England base rate was voted to remain at its low 0.5% level, consumer confidence regarding the UK housing market has dipped slightly in April. During the month of March, according to the Halifax Housing Market Confidence Tracker, the proportion of people who felt property prices would rise compared with those who felt they would fall, was at a +64 level. The following month that number slipped to only +58.

The housing market has shown great signs of more growth since the end of the general election. The average house price in London, for example, continues to grow higher with each subsequent week forward. Many within close proximity to the market feel house price growth should continue, and should result in an estimated 5% boost in property prices by year end.

The research of the Confidence Tracker found less than 64% of the people polled feel property prices would be higher in one year’s time. During the month prior, March, that number was higher, at 67%.

Along with an increase in employment rates and other factors, a turnaround in the level of consumer confidence should take place, according to Halifax mortgages director, Craig McKinlay.

McKinlay commented on the UK housing market and the upcoming trend, saying: “With inflation now at its lowest level since records began, unemployment falling, and the economy still growing, the fundamentals for the housing market remain positive. Going forward the key factor in how consumers adjust to any changes in rates will be the way in which they manage their disposable income.”