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Property prices rise 2.6% in May
There was confidence in the markets today as the Bank of England voted to the keep the base rate at 0.5%, there were no increases in the £125billion money printing programme and the bank said it would keep the programme “under review”.
Analysts are saying that they think Britain may very well have seen the back of the recession and that the recovery may have already begun. Information from the manufacturing and construction industries has indicated that service figures are much stronger. Recent figures showed that these industries have recently suffered a far slower decline in actual business than in the past.
Ernst & Young conducted a survey that showed that Britain remained Europe’s most attractive destination for foreign investment last year with 686 new projects that have created 20,000 jobs.
Another clear sign that Britain may be clear of the worst of the effects of the recession was the welcome news that property prices rose by 2.6 per cent in May which is the first real increase in four months and represents the biggest single jump in property prices since October 2002. The average home price in the UK is now £158.565.
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