Midland Bank is predicting a spring recovery for the housing market.
The bank's 'Housing barometer' shows that a lack of consumer confidence has kept the market in the doldrums for the last year, despite interest rates reaching a 35-year low.
The barometer uses a combination of price, turnover and borrowing indicators to provide a measure of pressure within the market. It indicates the key factor affecting the market over the last year has been job insecurity.
Although employment insecurity is set to continue, Midland believes the market will be stimulated by increased demand for quality housing.