Speaking at the Mortgage Business Expo in Manchester today, National Association of Estate Agents president Richard Hair predicted a “gentle slow bump” in the housing market.
He said interest rate predictions of a quarter of a per cent at a time were “a reasonable rate to work to” and advised lenders and borrowers not to panic.
Hair said: “I don't believe we are heading into a recession. There is not a steep enough rise in prices or interest rates.”
He added that the percentage of first time buyers had gone up in the past three months and they were “no longer an endangered species.”