There are signs that the UK housing market is looking up, defying negative forecasts for 2008.

The National Association of Estate Agents (NAEA) has published its full housing market report for January, revealing that sales, buyers and housing stock all rose month-on-month.

Recent preliminary figures suggested that this would be the case and the publication has confirmed a good start to the year.

Sales per agent rose from five in December to eight in January, according to the report, with first-time buyers (FTBs) increasing their market share by 1.5 percentage points.

Further to this, the number of registered buyers increased from 248 to 276 in that time.

Stewart Lilly, president of the NAEA, is delighted with the figures.

"It is very encouraging to see the New Year start optimistically as buyers and sellers make a welcome return back to the market," he said.

"The past couple of interest rate cuts have seemed to have taken effect on boosting consumer confidence and the market has started to stabilise and see a renewed sense of optimism set in.

"What''s more, first-time buyers have increased their share once again, indicating better times ahead for this sector of the market," added Mr Lilly.