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Co-founder & CEO of AllenWargent property market & hedge fund advisory.
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Pete Wargent blogspot
Co-founder & CEO of AllenWargent property advisory, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
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Tuesday, 29 April 2014
Surging UK house prices lift confidence sharply
Reports of the death of the wealth effect have been greatly exaggerated, to coin a phrase. In fact, it's hard to believe anyone thought it would be any different this time, to be blunt.
Rising house prices, rising consumer confidence - it's as embedded in the British way of life as football, rainy weather and Eastenders.
Take particular note of the final sentence highlighted in bold below.
"Surging house prices have lifted UK economic confidence to its highest level since before the onset of the financial crisis, according to new research.
With official figures on Tuesday expected to show the UK economy grew at its fastest pace in more than six years, a survey by the Centre for Economics and Business Research (CEBR) and YouGov showed consumer confidence in April rose to its highest level since August 2007.
The YouGov/Cebr consumer confidence index rose by 1.2 points in April to 112.9. This was its highest level since August 2007, and much higher than the long-run average of 94.7.
Official figures today are expected to show the economy grew 0.9pc in the first quarter, up from 0.7pc in the final quarter of 2013. This would represent the fifth consecutive quarter of growth, and on an annualised basis, the strongest rate of expansion since the final quarter of 2007.
A separate report by Grant Thornton on Monday showed that optimism among UK businesses is at its highest level since records began in 1992."
As I charted here, UK total employment is at a record high with the economy adding at a tremendous pace - 250,000 job between November and February - and the unemployment rate has kept ticking down to 6.9%.
GDP for the first quarter also today recorded a fifth consecutive quarter of growth at 0.8%.