People in the UK still believe property prices are set to drop in the next six months, according to the Nationwide Building Society.

The financial services provider's Consumer Confidence Index for April indicated that the general public predicts the cost of housing will drop two per cent in the coming half-year period.

Although the calculation is for property prices to drop, there has been an improvement in confidence from March's index.

Nationwide suggested that consumers believed in March that the value of UK homes would reduce by three per cent over the following six months.

Senior economist at Nationwide Martin Gahbauer said that various factors have contributed to an increase in consumer confidence.

"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 remarked.

One indication that more property transaction activity is imminent recently came from the Royal Institution of Chartered Surveyors.

Written by Mark Garner

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