Consumer confidence at record low

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But an easing in petrol prices, as well as cuts to mortgage rates helped to prevent people's optimism sliding further, ending seven consecutive months of falling confidence, according to Nationwide.

The group's consumer confidence index remained unchanged at a record low of 52 during the month, well down on a level of 93 in August last year. People's view on the current economic situation continued to worsen during the month, with this index hitting a new low of 45.

The news came after Gordon Brown insisted the Government was doing the right thing to bring the economy through a difficult period, as it moved to make homes worth £175,000 or less exempt from stamp duty for the next 12 months.

The Prime Minister said: "Home-owners need to know that we will do everything we can to keep the housing market moving forward. Help with stamp duty, help for first-time buyers, help to build more social housing, help to take unsold properties off the housing market and help for people who get into difficulties."

Around 65% of people think the current economic situation is bad, compared with 61% in July and just 14% in August last year, Nationwide said.

People are also worrying about their jobs following an increase in unemployment, with 31% thinking there are not many jobs available today, while 47% think there will be few jobs available six months down the line.

But consumers are slightly more upbeat about the future of the economy, with the number of people thinking the economy will be worse in six months' time easing slightly to 57%, compared with 60% in July, while 28% think it will be the same.

The improved sentiment helped the group's expectations index to tick up two points, to 56.

More than two-thirds of people think now is a bad time to make a major purchase, such as a house or car, and only 28% think it is a good time to buy household goods. Consumers also expect house prices to fall by an average of 4.6% during the coming six months, broadly in line with July's prediction of a 4.8% fall.