Though official numbers from the Office for National Statistics (ONS) have not yet been released, economists are expected to reveal that in the last quarter, it is estimated that Britain’s GDP surged 0.8% - its best presentation since 2010.
This growth comes as a surprise to many economists and has generated an outpouring in consumer confidence. Households have become more positive in terms of job opportunities, job security, and finances.
Part of this economic growth can be attributed to an escalation in property prices throughout the United Kingdom. Prices rose almost 4% in the last year, increasing the average value of a home in the UK to £247,000.
“Overall confidence is growing and has been for the past year. Less downward pressure on incomes, combined with renewed economic optimism and an improving housing market make for a story of gradually recovering confidence – notwithstanding the fact that the level of real incomes is continuing to fall,” explains Ian Stewart, Deloitte chief economist.
Experts also believe that the recovery may be due to the stimulus, which was previously being overshadowed by the Eurozone crisis.
Growth is expected to continue through to the end of the year, especially with families saving up for the Christmas rush of spending and travelling.