Tentative consumers are not going to be rallied by interest rate cuts as quickly as had been hoped, after research saw expectations fall short.
Whilst 60 per cent of those polled said that they felt marginally more confident than in January, only 18 per cent said that the rate cut would prompt them to re-enter the housing market.
A further 23 per cent fell into the 'confidence boosted, but not entirely convinced' bracket.
Acknowledging that it was still early days, HotProperty.co.uk managing director Shawn Luetchens said it looked as if cutting rates to 5.25 per cent may not have been enough for Britons.
“The lack of confidence is possibly because the immediate benefits of a bank rate cut aren’t automatically passed on to the consumer.
"Mortgage lenders base their rates on a range of factors; a decrease in the bank rate doesn’t necessarily mean a market-wide shift in lending rates.
“It will be interesting to monitor consumer behaviour in coming months to see if it has a long-term impact on the market.”
