Consumer confidence converging across UK

Consumer confidence in the North and South of the UK is beginning to converge, according to the Woolwich Mortgage Index.

In September 64.5% of people in the South and 62.6% in the North surveyed thought property prices would increase, compared to 73.5% and 63.3% last April.

Andy Gray, head of lending at Woolwich, said Britons’ confidence in the housing market is being driven by the North, and suggested the UK is heading towards a more balanced housing market.

Gray said: ‘Northerners’ confidence is catching up with their Southern counterparts and is ahead of the Midlands for the first time this year.’