Consumer confidence in the housing market grew in January for the first time in 8 months, according to the Woolwich. In its monthly survey of homeowners, 40% said they believe their properties will increase in value over the next year.

First-time buyers are the most confident that their homes will rise in value, with 47% of 20-29 year olds believing their homes will see a price increase, compared to 41% in the 30-39 age group.

Andy Gray, head of mortgages at Woolwich, said: “We have started to see a slight increase in confidence as we move towards spring, which is traditionally when people look to invest in a new property.”