The Nationwide Building Society has found that consumer confidence fell by nine points to 53 during September, reversing the gain seen in August.
The index now stands at its lowest level for over a year and significantly below the long-run average of 83. The Spending Index saw the biggest fall in September, decreasing by 14 points to 85 – the lowest level this measure has reached since November 2008, bringing it below the long-run average of 92.
Consumers’ faith in the present situation also fell back following the small gains seen since May of this year. At 22 points the Present Situation Index now stands at the same level as December 2009. Likewise, the Expectations Index fell notably by 12 points to 73 during September to reverse the previous months’ increase in sentiment.
The Nationwide found that consumers expressed a “guarded optimism”” towards the housing market in September