Nationwide’s Consumer Confidence Index has risen for the second consecutive month, increasing by six points to 80 in February. This increase means that the Index now stands at its highest level since January 2008, and almost double the level recorded during the same period last year (41).

The Present Situation and Expectations indices have also experienced some upward momentum at the start of 2010, with the indices rising to 27 and 115 points respectively. However, confidence in spending continued to fall away during the month and dropped four points to 93 in February.

Expectations about house prices rose slightly in February, with consumers expecting the value of their home to increase by 1.5% over the next six months, compared to 1.1% in January.

Martin Gahbauer, Nationwide’s chief economist, said: “Following a small dip at the end of 2009