The Office of National Statistics (ONS) has given the official news that the UK economy is no longer treading water in a recession.  It is however still weak and much of the growth is being credited to the success of the London Olympic Games which boosted the economy with retail sales, service sales, and tourists.  Even the housing market received a boost in the London area as investors picked up properties in the hope of making a profit off of visitors to the city during the Queen’s Jubilee and then the Olympic Games.

It is now important that the economy remains headed in a positive direction and government officials are encouraging that a bit of optimism for the future is well placed.  The report revealed that the gross domestic product (GDP) showed a 1% growth in the economy in the third quarter.  Growth in the economy officially ended the double dip recession from which the economy needed to emerge from.

The Olympics may have ended but the economy is sitting in a good place to welcome a holiday spending season in the fourth quarter.  Even the housing market is expected to get a boost from those hoping to take advantage of low interest rate mortgages, a good supply of properties for sale and more realistic asking house prices from sellers. 

Experts believe borrowing will be more affordable for those hoping for mortgages and remortgages.  Loan to value (LTV) levels are at more realistic levels as well with some very attractive deals now at 10-20% LTV. 

Officials and economic experts are still sounding very cautious with the eurozone still having problems and lurking in the background, but the hint of optimism is being well received.