A new report from Nationwide has revealed that consumer confidence levels have fallen to their lowest levels in four years as the fallout from the global credit crunch continues to be felt.
After asking 1,000 Britons their views on the prospects for the economy, the building society found that confidence levels have slumped by 11 points over the past month alone, the sharpest reversal since May 2004.
As well as people staying away from restaurants and the high street, growing numbers are opting to put off moving home, with many preferring to struggle for space than take a risk in such an uncertain market.
Fionnuala Earley, chief economist at Nationwide, said: "Talk of the increasing chances of a recession, more weakening in the housing
market and the continuing rise of food and energy costs will have further dented confidence, as will reports of job losses."
Those Britons staying away from the property market and therefore struggling for space may want to look into the benefits of safe storage solutions.
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