Returning confidence must be converted into sales

Following publication of January lending figures by the Council of Mortgage Lenders, Peter Bolton King, chief executive of the NAEA, said: "The NAEA's own figures revealed that since January, first time buyers are coming back to the market, with enquiries up by about 20 per cent. These are people who want to buy property, are visiting agents and are searching websites like Propertylive.co.uk.

"It is crucial that they are able to translate this returning confidence into completed sales. It may be that these figures reflect the time lag between new enquiries and completions - otherwise it is damning evidence that more must be done to help first time buyers."