Economic Recovery to Stay Fragile Until 2011
Published on March 23, 2010 | Author: admin
What does it mean for our property market?
This year’s economic growth recovery is set to be slow and sluggish with very few signs of strength. According to the Confederation of British Industry, the UK’s economy will not show signs of recovery until the middle of next year. Economic growth is said to be considerably fragile because of VAT reductions and scrappage schemes. Moreover the CBI believes that the lack of consumer spending, caused by consumers new saving patterns and job security worries would subdue any economic growth. Further research has led the CBI to consider the economy being unable the return to pre-recession levels by 2011. Especially since unemployment levels will continue to peak in autumn this year to 2.75 Million.
The lack of spending, as unemployment rises will be also reflected in the country’s property market. Vital homebuyers will be unable to afford to buy and sellers will find it much harder to sell.
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