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Nationwide survey indicates consumer confidence may have bottomed

A survey by the Nationwide has revealed a slight rise in UK consumer confidence with their main index rising from 41 in January to 43 in February. While this rise may seem minuscule when you consider the massive falls over the last few months it is the first rise for four months and there are potentially interesting signs that consumer confidence may receive a short-term fillip.

It was interesting to see the rise from 17% to 19% with regards to the number of people questioned who believe that the UK economy will improve over the next six months and consumers appear more comfortable with the property market where estimated falls of 6.2% over the next six months have now been revised to 4.7%. While again the change in the general expectations of the property market may not seem very large at the moment these are the first signs of recovery in confidence we have seen for some time.

As we have covered on numerous occasions it is confidence in the economy which will be the precursor to a significant recovery and see consumers demanding more and more credit from the financial sector. The government can pour billions upon billions of pounds into the economy but until consumers are willing to take on new loans and new mortgages there is little likelihood of a sustained turnaround.

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