UK ECONOMY IN ‘SWEET SPOT’, SAYS LEADING ECONOMIST AT FINANCIAL SERVICES EXPO LONDON
24 September 2014
The performance of the UK economy at present means it is currently in a ‘sweet spot’, according to Stefano Silvestrin, senior economic analyst at Nationwide Building Society.
Speaking at today’s Financial Services Expo show, being held in Old Billingsgate in the City of London, Silvestrin - in a seminar entitled, ‘The economy, housing and mortgage market – what happens next?’ – began by pointing out just how well the UK economy was performing.
He said: “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. When compared to most developed countries the UK has outperformed most of them, including the US and Germany.”
The second quarter of 2014 was highlighted as a significant quarter because it marked the end of a grey period and, according to the ONS, the economy had now reached its pre-crisis peak.
Silvestrin went on to say that whilst this was good news it also signified how sluggish the recovery had been to date.
In terms of house prices he pointed to a very segmented market with a clear North/South divide but also stressed that the recovery was not just a London story. He suggested house price momentum may be fading but that no sharp corrections were expected.
Focusing on mortgage activity Silvestrin said: “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.”
FSE London is taking place today and tomorrow at Old Billingsgate, in the heart of the City of London. There are over 60 exhibitors including Barclays/Woolwich, Lloyds Banking Group, Nationwide Building Society/The Mortgage Works, Santander, Simplybiz, and PMS to name a few.
Further details on Financial Services Expo London, including how to register, are now available at: www.financialservicesexpo.co.uk/fse-london/
If you are a member of the press and would like to attend Financial Services Expo London please contact Rob Griffiths at White Dragon Communications on: rob@whitedragoncomms.co.uk or 07983 641566.
