UK consumer confidence increasing despite recession woes

Nearly half of UK consumers think the UK is headed for a recession in the next six months, according to Dye & Durham’s newly released UK Pulse Report.

The Dye & Durham UK Pulse Report for Q4 2023, conducted by YouGov, samples 2,115 UK adults and explores trends in technology, the economy and the property market. The results show that 41% of respondents think it is very likely that the UK will enter a recession in the next six months.

Despite this outlook, an increasing percentage of adults feel they are in a better or unchanged financial position compared to the year before (56%, up from 50% in Q3 2024).

“People in the UK are continuing to struggle with the cost of living, but we’re observing a slow but sure transition to a more positive outlook,” says Martha Vallance, Dye & Durham’s Chief Operating Officer. “What’s more, 11% of people we surveyed aged 25-34 in Q4 are planning to become first-time homebuyers in the next 12 months, giving law firms the opportunity to gain momentum by serving this client base.”

The Q4 UK Pulse Report finds that 4% of respondents are planning to wait until interest rates drop to buy or sell a house or property, while 5% of respondents are planning to wait until purchase prices drop.