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Confidence in housing market hits new highs

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Consumer confidence in the housing market hit a new peak in July, according to research conducted by Lloyds TSB.

The lender’s index found the number of consumers who had a positive view of the housing market hit 34% during the month, up from 31% in June and the 22% recorded for the same month in 2012.

There continues to be a divide across England highlighted in the figures with consumers in the north of England more pessimistic about the market.

Consumers across the UK also continue to worry about their own finances with 46% concerned about their situation compared to 45% in June. Those aged between 45 and 54 remain the most troubled with 55% expressing a negative view in the survey.

The overall Lloyds TSB sentiment index reached 114 points in July, the highest recorded since the survey began in November 2010.

Patrick Foley, chief economist at Lloyds TSB, said: “The further improvements in consumer sentiment this month are very encouraging but not surprising given the combination of better than expected economic data and stable growth of spending on essentials.

“In due course consumer sentiment may translate into firmer consumer spending and help underpin the wider recovery. If it does, this should eventually help to improve the outlook for the jobs market, which might then further reinforce sentiment.”

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