Consumer confidence slumps

Consumer confidence fell in October, meaning that fewer people are willing to make large purchases.

[UKPRwire, Fri Nov 02 2007] Julian King of National Homebuyers says, "This will be uncomfortable reading if you are looking for someone to buy your property.

"Fewer buyers will lead to the value of any property falling, as the number of available properties out weighs the number of available buyers".

Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm that guarantees to make an offer on any property in the UK for vendors who need a quick sale.

The GfK NOP consumer confidence index fell to minus eight in October, equalling the lowest level seen in 2007.

"The weakest part of the October consumer confidence survey related to people's willingness to make major purchases," commented Howard Archer from Global Insight.

"The sub-index measuring consumers' perception of whether or not it is a good time to buy fell to a near 12-year low of minus five in October, from minus three in September and plus four in August," he added.

With this in mind, coupled with weaker consumer spending in general, Mr Archer believes that a cut to the base rate of interest will not come before the end of the year and may not now occur until February 2008.

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