Optimism among the UK’s consumers is on the rise according to the latest Spending Power Report to be released by Lloyds Bank.
The study, which looked into spending across a number of industries, found that consumer sentiment had grown stronger between in September.
Optimism was found to be particularly high in the property market, with Lloyds reporting that 41 per cent of consumers feel positive about its current state. Northern Irish residents maintained their negative stance, with 72 per cent saying that the market is still in a bad way – a far larger figure than the UK average (59 per cent).
The report will no doubt be welcomed by those who provide loft conversions and kitchen renovations on the Wirral, with increases in demand expected in the coming months.
Last month also saw the launch of the next phase of Help to Buy, the Government’s flagship property-buying initiative. It offers backed mortgages for deposits starting at five per cent. It one of a number of programmes designed to provide a boost for the market, along with Funding for Lending, a scheme which provides lenders with cheap finance to pass on to their customers.
Lloyds Bank’s Chief Economist, Patrick Foley, said:
“Consumer sentiment continues to firm. Continued positive developments in the economic backdrop, and relative stability in essential spending growth, suggests consumers should in time become more willing to spend.
“This would, in turn, permit the economic recovery to gain further traction.”
Around 2,000 consumers from all over the UK contributed to the survey.
