The resurgence in consumer confidence predicted by the Bank of England in its financial stability report has been welcomed by the National Association of Estate Agents (NAEA).

Peter Bolton King, chief executive of the NAEA, said that the news contained in the report - which predicts that the worst of the credit crunch could be over - will be "a massive boost".

"There has been much doom and gloom reported over the past few months, especially with regards to the global credit crunch. However, to hear that there is light at the end of the tunnel should come as a massive boost to consumer confidence," he said.

Mr Bolton King added that the financial stability report supports the claim the NAEA has meant that the current economic climate is "not anywhere near the difficulties" of the late 1980s and early 1990s.

According to its website, the NAEA has more than 10,000 members working in the property market in both the UK and overseas.

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