Officially after 6 quarters of negative growth, the UK economy is now formally no longer in recession according to the Office of National Statistics.
As per our Outlook for 2010 Article, we are as predicted no longer in recession but the rate of growth is literally as small as it could be having been measured at 0.1% of Gross Domestic Product compared with the previous quarter.
Whilst the outlook is more positive we have to take note that their is some artificial stimulus in the system with lower vat rates in the quarter, subsidised car scrappage schemes and £198,568 mn having been pumped into the economy via Quantative Easing supervised by the Bank of England.
For the property market as a whole enquiries and the number of transactions are up week on week over the last few weeks but this may have been partly as a result of the colder weather preventing activity for a period after New Year making the January’s workload compressed into three weeks.
Editor 26th January, 2010