The UK economy is currently running in high gear with many reasons attributing to it.  Unemployment is low, inflation is under control and income growth is increasing.  The economy and its current status was the focus of a recent event – the Financial Services Expo.

The event was held in the capital city of London and Stefano Silvestrin of Nationwide Building Society was a primary speaker.  He spoke at the event, entitled, “The Economy, Housing and Mortgage Market – What Happens Next?”  The speech outlined the present culture which exists within the UK economy and why so many factors are currently driving it forward; outpacing economies found in many other parts of the world.

Silvestrin commented on several positive trends happening now, saying: “The economy is growing fast and is generating jobs, at the same time inflation is low with GDP growing for the past six quarters at an average speed of 0.8% quarter-on-quarter.”

He added: “When compared to most developed countries the UK has outperformed most of them, including the US and Germany.”

Although the economy is in a tremendous period of growth, the recovery period is now becoming more of a topic under the microscope.  Overall, Silvestrin considers the period of recovery sluggish even though many sectors are currently surging in ways more expeditious than before the crisis.

Silvestrin continued, saying: “There is a continued upward trend with Help to Buy playing an increasingly important role in stimulating demand for housing, especially working to stimulate activity within areas where activity had been quite subdued.

“The recent slowdown in mortgage activity appears to be temporary and there is significant scope for remortgage business to pick up in the coming months.”

Attractive remortgage deals are currently available online and through other sources.  The estimated increase in base rate is lighting a fire under the feet of many house owners.  They are acting now with a remortgage and are expected to continue to act.