Many Britons are fearful that they will get into financial difficulties in 2008 and this is represented in the latest Nationwide Consumer Confidence Index.
[UKPRwire, Fri Jan 11 2008] According to the report, confidence slumped by one point in December, falling to its lowest level since February 2007.
Fears over the economy and employment saw the Present Situation Index lose three points, while the Expectations Index (looking six months ahead) remained stable.
The willingness of consumers to spend their money remained below the 82-point average for 2007, with the figure for December recorded as just 68.
"Another weak month for consumer confidence is not surprising given current economic conditions. Continued uncertainty about the future path of the economy along with a weakening housing market was bound to affect consumer sentiment," said Fionnuala Earley from Nationwide.
"Early signs of strong consumer presence at the seasonal sales is encouraging, but the need to persuade shoppers through heavy discounting could itself be seen as a signal of underlying caution," she added.
Many homeowners who face financial difficulties may wish to enter a Sell and Rent Back scheme in order to avoid repossession. Homeowners are seeing the price of their property fall says The UK's leading Sell and Rent Back provider.
Julian King, director of Sell and Rent Back leaders National Homebuyers says, "People can see properties in estate agents' windows and in the local press being marketed at less and less each month.
"Homeowners looking to maximise the profit on their property should consider a quick sale before values drop further.
"Some analysts are suggesting a 1 per cent fall each month for up to three years".
National Homebuyers offer mortgage rescue schemes such as Sell and Rent Back, where the homeowner can sell their property within days and remain living in their home as a tenant.
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