Brits renting as consumer confidence drops |
06 2008 |
| Consumer confidence among Brits keeps on dropping, it has been revealed, with this trend being seen in the property market as renting trumps buying for many young professionals. According to a new study carried out by Nationwide, consumer confidence levels dropped by 11 points over the course of July, the sharpest recorded since May 2004. This comes as the National Institute of Economic and Social Research reported that the UK economy increased by just 0.1 per in the first six months of 2008, with this slowdown impacting high street retailers and businesses in the service sector the greatest. Fionnuala Earley, chief economist at the building society, noted: "Talk of the increasing chances of a recession, more weakening in the housing market and the continuing rise of food and energy costs will have further dented confidence, as will reports of job losses." Just recently the Council of Mortgage Lenders reported that the number of new loans being approved for home purchase is at a near-record low as lenders get tough so as to protect themselves from the global economic downturn.  |
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