As Jade Ewen took to the stage in Moscow to represent Britain in the Eurovision Song Contest, many hoped that she could be the one, against all odds, to put Britain in top spot. The song ‘It’s My Time’ was carefully created by the renowned Lord Lloyd Webber and Diane Warren and aimed to win the hearts of Europe. Despite the song finishing in 5th place it has given the country confidence that we still have what it takes to be a big player in the talent show.

What the contest shows is that with belief and confidence we can really go from last place to finish a top contender in the space of a year. And confidence is key to many parts of the British economy such as the credit and housing markets. Over the last year we have seen consumer confidence in financial institutions plummet to an all time low, with the housing market taking a bashing as a consequence. House prices have fallen by an average of 15% per annum according to the Nationwide Housing Index. However, in recent weeks we have began to see some positive signs, could the market be regaining confidence?

According to the Royal Institution of Chartered Surveyors enquiries for new buys actually increased in April, which represents the sixth consecutive month of growth. But perhaps even more encouraging they report that a greater proportion of these enquiries are leading to sales than in previous months. On the flip side the amount of new instructions to sell property has fallen sharply, which will help balance out supply and demand. As a consequence Nationwide actually reported a net increase of 0.6% in house prices in April, when not seasonally adjusted.

RICS also report an increase in confidence in both sales and price outlook for the housing market. They suggest that the net balance of surveyors with a more positive view jumped from 19 to 34.

Although, these are encouraging green shoots, only time will tell where will we be placed next year in both the Eurovision and in our housing market.