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Consumers in the UK are becoming increasingly confident in the state of the housing market despite recent interest rate rises, it has been advised.

UK residents now expect house prices to rise by 4.5 per cent by November, the Nationwide Consumer Confidence Index has revealed.

Confidence on overall future prospects has also increased over the past 12 months, with the index now at its highest point for eighteen months, study authors have advised.

"Higher interest rates have not affected consumers’ overall confidence, but they do seem to be having an impact on their willingness to spend. The good weather in early May might have helped put consumers in a brighter mood," advised Fionnuala Earley, chief economist at Nationwide.

Despite the Nationwide assertions on spending, separate analysis from the Confederation of British Industry found that retail sales in May grew at a slightly higher level than had been expected.




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Author:  Joanne McCabe

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