The increased confidence saw buyer numbers grow by 11 per cent in January, with battered first-time buyers accounting for 3 per cent more sales than January 2007.
Housing stock, thought to falter due to the introduction of Home Information Packs (HIPs), has also been given a New Year boost with a 9 per cent increase. Individual sales per agent also rose to from 5 in December to 8 in January.
Peter Bolton King, chief executive at the NAEA, said he was confident the first interest rate cut was beginning to have a distinct impact, pushing confidence up.
"The return of buyers and particularly first-time buyers early in 2008 marks a significant change in the fortunes of the market. The latest quarter percent decrease in February will further help boost the confidence of all buyers.
“Whilst we have been seeing a number of negative national stories about the housing market recently, it is important to keep it in perspective.
"The truth is that the market differs significantly across the UK and prospective buyers really need to talk to their local agents and find out what’s happening in their region - they may find the situation is not nearly as dire as some would have us believe.”
