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Confidence up but Nationwide not counting chickens

Thursday, 16 February 2012 9:06 AM

Consumer confidence reached its highest level for five months in January but is still well below its long-term average, according to the Nationwide.

The building society's consumer confidence index, produced in conjunction with TNS Research International, rose to 47 in January after reaching a low of 38 in December. However, that is 29 points below the average since 2004 and two points down on January last year.

Greater optimism about the future was the main reason for the increase along with a slightly greater propensity to make household purchases. However, consumers expect house prices to fall 0.9 per cent over the next six months.

And Robert Gardner, Nationwide chief economist, said that with unemployment rising and the economy contracting the improvement may prove to be only temporary.

He said: "Looking forward, renewed hope that the UK will avoid a double-dip recession may support sentiment, especially since the downward trend in inflation is set to continue through 2012.

"But with the UK recovery likely to remain weak in the first half of the year, a significant and sustained rise in consumer confidence remains unlikely in the near term."

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