Publications

- European Quarterly: Fall 2009 Volume 19, Number 2

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Fall 2009: U.K. Property Market Update

by Richard Plummer and Sarah Bate

The Bank of England recently has, yet again, stepped up its aggressive campaign to end Britain’s economic slump with a further surprise £50 billion ($82 billion) expansion to its quantitative easing scheme, which extended it to £175 billion ($290 billion) and consensus suggests that the worst of the recession is easing, a year after it began. There have been increasing signs that output in the United Kingdom’s main exports markets is stabilizing, and although financial conditions remain fragile, financial market strains have relented and banks’ funding conditions have improved a little. As such, the U.K. economy may resume expansion in the third quarter of 2009 with recent indications of improving confidence and output data emerging from both the manufacturing and service sectors. 

Ultimately the pace at which the U.K. economy pulls out of recession will be the measure of success of leading economic nations’ attempts to address ban

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