Positive Consequences of the G20 Summit

Life is returning on the UK property market. As the heads of 20 leading countries got together in London for a meeting of G20, they came up with a plan for economic reform and recovery. Evidence suggests that buyers and sellers have already adjusted for new market conditions and are returning to the market. There are cases of successful deals by private individuals, as well as by large businesses. The survey of the Bank of England reveals that the number of loans for home buyers and businesses has gone up, while the interest of potential buyers is transformed into actual agreed sales. Official figures reveal that mortgage approvals reached 38,000 last months, which represents a 19% increase from February. Economists believe that the positive trends on the property market are associated with governmental help to the economy, which resulted in lending that finally flows into the economy. They also say that the recovery of the property market will have greater consequences for all economic sectors as buyers will start spending their money on furniture, electronics, solicitors, estate and letting agents, etc. The poll, carried out right after the meeting of G20, revealed that 25% of UK citizens are positive about their financial prospects, while 44% are negative, which is promising compared to December, when 21% were positive and 51% were negative. 42% of British people believe that house prices will continue to fall, while 14% expect them to rise; also, the majority of respondents (56%) were positive about the G20 summit, saying it might help world economy to recover.