Britain’s economy is now expected to be the fastest growing of any of the G7’s group of major economies, according to the International Monetary Fund (IMF), who now forecast that the UK economy will grow by 2.9% in 2014 – a further increase on the 2.5% forecast only three months ago -and will grow by a further 2.5% next year.
The economic news continues to improve and this is certainly reflected in the mortgage and housing markets where January data from the CML estimates that gross mortgage lending is 33% up on the corresponding period in 2013.
2013 was something of a renaissance year for the housing and mortgage markets and wider UK economy.
Both experienced something of a bounce, with gross mortgage lending really picking up in the second half of the year, having been virtually identical to the first six months of 2012 in the period January to June 2013.
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The last few weeks have seen further evidence of a recovery in the wider economy, with significant positive data painting an increasingly favourable picture of the UK as a whole, and of the housing market. Read the rest of this entry »
David Cameron’s announcement at the Conservative party conference to bring forward the commencement of the second phase of the Help to Buy – Mortgage Guarantee scheme three months early has certainly caused some frenetic activity in the housing and mortgage markets.
The last month or so has continued the more positive and upbeat theme that has been gaining momentum since the early spring.
In recent weeks we have now had confirmation from the Chancellor that the Funding for Lending scheme (FLS) is to be extended to 2015.
The Budget, as is generally the case, has been met with mixed reaction depending on where one sits on the political divide.
2013 has continued where 2012 left off with lenders increasingly slugging it out in an ever more competitive mortgage pricing war.
The mortgage and housing market in 2012 has it appears finally started to rise out of what can be only described as a very severe trough in the last four and five years.