There is no denying the fact that consumers in the UK remain under pressure financially. At times like this, people may be more inclined to make the most of a quick house sale. In some cases, this may be a means of avoiding repossessions.
A recent article in the Independent suggested that economic confidence may fall even further. It pointed to the fact that experts predict the GfK index, which surveys individuals’ assessment of their personal finances, the wider economy and their willingness to splash out on “big ticket†items, will fall yet more, leaving confidence at its lowest ebb since last December.
Commenting on the impact of international news on UK consumer attitudes, IHS Global Insight’s Howard Archer said: “It doesn’t help matters when the papers are full of recession and Greek chaos is leading the news every night.â€
Meanwhile, the scheduled rise in fuel duty set to take place in August, which will add 3p to a litre of fuel, may further impact on individuals’ budgets, the publication noted.
Speaking about the fact that a 10p fall in wholesale petrol costs have not yet fully been reflected in the prices seen on forecourts, an AA spokesman said: “This is the typical story of petrol prices rocketing when oil prices go up, and falling like a feather when prices come down. If the full 10p was passed on there would be an extra £5.1 billion available for high street spending.â€
Also, the Independent pointed out that many homeowners have been putting up with higher mortgage costs since the start of last month after a number of lenders raised their standard variable rates.
When individuals are experiencing financial trouble, many consider the possibility of achieving a quick house sale to help free up their money and ease the pressure they face. This can help them to avoid repossessions and clear their debts.
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