In November the YouGov/Centre for Economic and Business Research consumer confidence index declined 1.2 points to 108.0. Any score greater than 100 indicates positive sentiment; less than 100 indicates negative sentiment.

Of the measures which make up the index, the largest drop was in forward looking job security, which fell 3 points to 113.2, leaving the metric at the lowest it has been since May 2023. People’s perceptions of their job security over the past thirty days also fell 1.3 points to 94.4, meaning that measure remains in negative territory.

There was also a 2.9 point drop in people’s outlook for house prices over the next year, leaving that score at 128.4, the lowest it has been since June 2024. People’s perception of their house prices over the past month also fell 2 points to 113.2, again the lowest since June 2024.

People’s perceptions of their household’s financial situation over the past thirty days rose to 91.7, an increase of 1.1. However, their outlook for the next 12 months fell 1.4 to 91.5.

Uncertainty in the run-up to the Autumn Budget likely drove the dip in consumer confidence in November. Other economic developments may have compounded the decline. For instance, the simultaneous falls in the home value indices may have been the result of the Bank of England’s decision to hold interest rates early in the month. Meanwhile, the unemployment rate recently reached a four-year high, weakening perceptions of current and future job security.