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5 Oct 07 - Growth In Housing Market Confidence
Consumer confidence rose during September and more people now believe it is a good time to buy a house, new figures show.
Data from Nationwide Building Society shows that people's confidence increased by five points during the month.
And 17% of those questioned thought it was a good time to make a major purchase such as a home or car, up from 15% during August.
People were also positive about house price growth during September, with consumers
expecting that prices will rise by 3.2% during the coming
six months. Respondents felt particularly upbeat about employment
during the month, with 60% saying they felt positive about
the number of jobs available, up from just 51% in August.
Fionnuala Earley, Nationwide's chief economist, said: "The
pick-up in confidence has been largely driven by confidence
in the labour market. "When people feel secure in their
employment, it is perhaps not surprising that their general
confidence levels are more robust."
Source: Nationwide Building Society
5 Oct 07 - Interest Rate Boost For Homeowners
Homeowners have breathed a collective sigh of relief after the Bank of England
decided to keep interest rates at 5.75%. And some economists
believe better news may be round the corner for those with
tracker mortgages, with a strong chance that a reduction
to 5.5% will follow.
Members of the Bank's Monetary Policy Committee concluded
their two-day meeting by keeping rates on hold, despite
the Bank's last inflation report in August which indicated
that rates would probably need to hit 6%. The MPC said the
decision will give the Bank more time to assess the impact
of the recent money market turmoil on consumer and economic
confidence.
Ian McCafferty, CBI chief economic adviser, said: "An interest
rate cut was unlikely this month as there are, as yet, few
signs of any serious damage to the real economy from the
upheaval in the money markets. What's not in doubt is that
the next move will be down."
Source: www.bankofengland.co.uk
(Bank of England)
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
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