CreditExpert reports of loss of financial confidence in northerners

Posted 2007-10-21

CreditExpert’s new research finds a widening gap of pecuniary confidence between the north and south in the UK. 

The financial confidence index in the north currently stands at 97 - a fall of three points since July, the research showed. Compared to an increase in confidence of seven points since July among Londoners - the data is clear that attitudes are shifting.

One of the factors which may be determining the shift is that house prices in the south have been rising, creating greater confidence in homeowners due to the appreciation value of their properties. The increased value has a direct effect on the availability and amount of homeowner loans. 

East Anglia, London and the south-east regions enjoyed double digit growth according to a recent Halifax home value survey.

The north-west areas saw the least increase in property values, with prices in the area gaining by 5.2%.

Managing director of CreditExpert Jim Hodgkins offers, “people generally are more confident than in the last quarter” despite the “financial strain” prior to the Christmas season. Never-the-less, the disparity in the amount of home loans available between the regions may be affecting consumer confidence.

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