9 Sep

Consumers "beginning to feel more positive"

Consumers "beginning to feel more positive"

The moderate increase in confidence this month indicates that consumers are beginning to feel more positive for the first time since April, according to one property expert.

Martin Gahbauer, chief economist at Nationwide, which was voted Britain's most trusted brand of mortgage lender in a Readers Digest survey earlier this year, said that confidence has increased, not only about the future but also about the present situation in the property market.

His comments follow the release of the Nationwide Consumer Confidence Index, which recorded a two-point increase to reach 63 in August, while the Present Situation Index rose by one point last month to 17.

"The rise in positive sentiment across all the indices is no surprise as a number of key economic indicators continue to show that we may have reached the bottom of the current recessionary cycle," stated Mr Gahbauer.

He added that it is likely that the housing market will see a protracted recovery.

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