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David Miles suggests UK economic downturn is over

David Miles, the incoming member of the MPC, has this evening suggested that the worst of the UK recession may be over and house prices may have bottomed out. While there is some scepticism with regards to his initial comments, due to the fact he is a former adviser to the Treasury and seen by many as the "yes man" for the UK government, there is no doubt he has experience in the UK mortgage market.

While these comments will be welcomed across the UK, with many people looking for even the smallest sign of an upturn, we will need further convincing before we see a substantial increase in confidence. It is also worth recognising that even David Miles believes that the recovery in UK economy will be "anaemic" and very slow. It would be interesting to see how this growing opinion is reflected by the Bank of England MPC at their next meeting when UK base rates will be set.

Even though we are again talking about a potential recovery in the UK property market, unfortunately this has not been forthcoming as yet and more and more people are growing sceptical of these "false dawns".

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