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Consumer Confidence Bounces Back
Consumer confidence in the UK has reached a historic high, with the PwC consumer confidence index achieving its most elevated level since its inception in 2008. The housing market is also witnessing significant growth, as indicated by several key indicators.
The PwC Consumer Confidence Index
- New Record: The index stands at +8, surpassing the previous record of +5 in December 2015, and a massive 34 points higher than at the commencement of the pandemic.
- Positive Territory: The first quarter of 2021 marks the first time the index has been in positive territory since pre-pandemic, highlighting a robust rebound in consumer sentiment.
The Dataloft Demand Index
- Surging Housing Market Demand: According to the Dataloft Demand Index, which monitors visits to agents' local housing insight pages, housing market demand is up a remarkable 147% on last year.
- Evidence of Growth: This surge in demand is indicative of increased consumer interest in housing, reflecting an optimistic view of the market's future.
RICS March Survey
The latest survey from the Royal Institution of Chartered Surveyors (RICS) mirrors this optimistic outlook:
- Sales Enquiries: There's a noticeable improvement in sales enquiries, reflecting heightened interest from potential buyers.
- Agreed Sales: Agreed sales figures are also trending upwards, signalling a robust sales environment.
- New Instructions: New instructions have improved, indicating that sellers are more confident in listing their properties.
- Tenant Demand: The lettings market has also seen a rise, with an increase in tenant demand.
Conclusion
The significant upturn in consumer confidence and the accompanying surge in housing market demand are clear indicators of an economy on the rebound. Both individuals and businesses are demonstrating renewed faith in economic prospects, as evidenced by these positive figures.
The blend of increasing consumer confidence, surging housing market demand, and positive housing market sentiment offers a promising outlook for the remainder of 2021.
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