Consumer confidence remains low says National Homebuyers
Consumer confidence in the UK remains subdued as many struggle with financial difficulties.
[UKPRwire, Thu Feb 14 2008] Figures from GfK/NOP show that falling house prices and a gloomy economic outlook are causing concern for consumers.
This gloomy outlook is beginning to manifest itself in a lack of consumer spending on the high streets and in a lack of major purchases, such as buying a home.
Vicky Redwood from Capital Economics said that as long as people are struggling with financial difficulties there is little hope of confidence picking up.
"We might have expected December's interest rate cut to have prompted a bigger rise in confidence (December's survey was too early to capture fully the effect of the rate cut.)," she said.
"Instead, it seems that other factors are keeping sentiment subdued – especially the growing signs of a housing slowdown and the utility price hikes announced since the start of the year," added Ms Redwood.
Fast property sale expert Julian King adds, "As some analysts continue to herald that property prices are falling by as much as £50 per days in some areas, it's hardly surprising that spending on the high street is subdued.
"Homeowners are contacting National Homebuyers for a fast property sale, as they are worried about the continued loss of value in their home. Some to such an extent that they are opting for a quick sale to avoid repossession.
"Homeowners who seek to sell their property on the open market will find increased costs [Hips packs], a lengthy period of time before finding a buyer and a higher chance of the chain collapsing and starting the process over again".
Mr King is a director of National Homebuyers, the UK's leading fast property buyer. The company does not require a Hips pack to be in place and guarantees an offer in a matter of days with no ongoing chain. The company is also the UK's leading provider of mortgage rescue solutions like Sell and Rent Back.
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