Recent data released regarding the UK economy is painting a picture of thriving growth during the past year.  This growth is due to several factors.  Unemployment continues to fall, inflation is being held at bay and interest rates are remaining in check which is empowering those looking to move home.  Talk of the recovery is turning into talk of growth and prosperity.  This type of news is welcome and those in the housing market are especially encouraged.

The UK economy is growing and now the governor of the Bank of England is making comments regarding the long, arduous road which has been traveled and the successful journey so many UK residents have taken.  The governor recently mentioned that Britain is “more than halfway” down the road of recovery.

Expansion is now the word used to describe the economy compared with recovering.  This growth is evident not only in the housing market, but other markets as well.  The unchanging base rate set at 0.5% is enabling banks to borrow money cheaply and then in turn loan that money to borrowers looking to buy more than just houses.  Goods such as cars, furniture, high grade electronics and other personal items are now selling at faster pace.  The amount of disposable income available is just another sign the economy is healthier each month.

Mark Carney recently commented on the current status of the economy, saying: "Wherever the finish line was in the depths of the crisis, we are much more than halfway towards that finish line now.”

Estimates of the Central Bank include the economy growing by a rate of almost 4% this year which is above average for any advanced country relatively speaking.