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Low consumer confidence reported
9.07.2008
More than half of people believe the economy will be in a worse position in six months' time, a new survey suggests.
However, in what may be seen as a boost to downbeat mortgage and housing markets, the number of people who think now would be a good time to make a large purchase such as a house increased to the highest level since July 2007, according to the Nationwide Consumer Confidence Index for June.
It found the number of consumers who feel their household income will be higher in six months' time fell to a level more than ten per cent lower than at the same time last year.
Nationwide's chief economist Fionnuala Earley said a drop in consumer confidence is to be expected after a recent run of bad news.
She added: "With reports of rising inflation rates, weaker economic growth and further falls in house prices, it is not surprising that people are feeling much less optimistic about the future."
Last week, the Intermediary Mortgage Lenders Association said it is particularly important in current market conditions that consumers seek sound advice when seeking the best mortgage for their needs.
However, in what may be seen as a boost to downbeat mortgage and housing markets, the number of people who think now would be a good time to make a large purchase such as a house increased to the highest level since July 2007, according to the Nationwide Consumer Confidence Index for June.
It found the number of consumers who feel their household income will be higher in six months' time fell to a level more than ten per cent lower than at the same time last year.
Nationwide's chief economist Fionnuala Earley said a drop in consumer confidence is to be expected after a recent run of bad news.
She added: "With reports of rising inflation rates, weaker economic growth and further falls in house prices, it is not surprising that people are feeling much less optimistic about the future."
Last week, the Intermediary Mortgage Lenders Association said it is particularly important in current market conditions that consumers seek sound advice when seeking the best mortgage for their needs.