NORTH West consumers' confidence in the housing market dropped six per cent in August from 64 per cent to 58 per cent.
It was the third month in a row that confidence has fallen. This confirms the Woolwich's earlier prediction that confidence would continue its downward trend, demonstrating that interest rate rises have had a significant impact on the housing market.
Across the UK as a whole, the Woolwich index shows that 56 per cent of homeowners believe their property will continue to increase in value, compared to 62 per cent in July and 65 per cent in June.
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