Consumer confidence rising as cost-of-living crisis eases

Barclays makes the claim after looking at spending patterns by its millions of current account holders, including that mortgage and rent payment increases have fallen dramatically.

barclays app illustrating story about cost of living crisis

Signs that the ‘cost of living crisis’ is easing significantly comes from Barclays , which says spending by its current account holders on both rent and mortgages increased by just 1.5% last month compared to 6.3% during May.

Also, spending on household bills fell by 15.6 per cent with further declines predicted following the energy price cap decrease that took place on 1st July.

The brighter economic outlook reported by the high street bank should be good news for estate agents as many consumers feel emboldened to move home and spend money during better economic times.

Phil Spencer

TV star Phil Spencer who presents a podcast for the bank, adds: “Given the uncertainty around the housing market in recent months, understandably both renters and homeowners will want to avoid surprises when it comes to the standards and upkeep of their property”.

Barclays says overall Brits feel more optimistic about their ability to live within their means – up one percent to 73 per cent and job security (up four percent to 49 per cent.

“Our latest spending figures paint an encouraging picture for UK consumers – rent and mortgage payments are stabilising, energy bills are coming down, and confidence is on the up,” says Mark Arnold, Head of Savings and Mortgages at Barclays.

Read more about the cost of living crisis.

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