ESTATE agents are being buoyed by new confidence in the housing market following cuts in interest rates.

Companies across south Essex spoke of a glimmer of hope after a positive report on the market was revealed by the Royal Institution of Chartered Surveyors.

The group said 14 per cent more surveyors reported a rise in new buyer inquiries during November than reported a fall. This is the first time interest in the market has been reported as positive since October 2006.

Ian Hunt, a partner of Hunt Roche estate agents, in Southernhay, Basildon, said his firm had seen positive signs for the trade over the past few months, particularly after the Bank of England slashed interest rates to 2 per cent He said: “I think there’s a new confidence with interest rates being that much lower. Prices have fallen to a point where they can’t go any further, because people can’t afford to sell them any cheaper.

“Because mortgages are much cheaper it makes sense to buy.

“I think we’re at the bottom of the slump and we’re now going to see an upturn.”

Dan Chambers, owner of First Call estate agents in Woodgrange Drive, Southend, said the number of people registering their interest on the company’s website rose last month.

He said: “It does give us some positive indications for next year.

“Reports from the City say there’s still going to be a drop next year and that London is where prices will be hit the worst, which will affect us.

“It also says London will recover first, which means we are also well placed.

“I think 2010 is when we’ll see the bottom of the market and 2011 is when we’ll start to get back.”

Russell Quirk, a director of Quirk Deakin estate agents, which has offices in Canvey, Grays and Stanford-le-Hope, said more first-time and second-time buyers were looking at buying homes.

He said: “It’s not just buyers expressing an interest, but there has also been a rise in the number of offers we’re receiving on properties.

“Falling interest rates have helped and now banks have started advertising the availability of their mortgages.

“I think people are going to realise the market has bottomed out and the clever buyer will be buying.”