|
|
| |
| |
Consumer Confidence 'takes A Nose-dive' |
|
(6th August 2008)
Mortgage repayments, job losses and the increased cost of living are being blamed for a drop in consumer confidence by leading mortgage lender Nationwide.
The bank said that consumer confidence dropped by 18 per cent in July – the largest recorded fall since it started its Consumer Confidence Index – and is down by 46 per cent when compared with July 2007.
Nationwide's chief economist Fionnuala Earley said: "The continuing downward trend in consumer confidence is not surprising given the recent batch of poor economic data."
"More weakening in the housing market and the continuing rise of food and energy costs will have further dented confidence," she added.
She said that despite a plethora of reductions on fixed-rate mortgage products, nearly two-thirds of people think now is a bad time to purchase a new house or car.
House prices are expected to fall by eight per cent this year, according to the Centre for Economic and Business Research.
|
News brought to you by Start Again Finance, specialists in bad credit mortgage advice, loans, credit cards, savings and insurance |
|
| |
|
|
|
|
|
|
|
|
