The euro zone economy jumped out of recession in the third quarter, data showed today, but with slightly less spring than expected after the area’s top three economies fell short of market forecasts.

Gross domestic product in the 16 countries using the euro rose 0.4 per cent quarter-on-quarter after five consecutive quarters of shrinking output, but was 4.1 per cent lower year-on-year.

Economists polled by Reuters had on average forecast quarterly growth of 0.5 per cent and a 3.9 per cent annual decline.

Germany, France and Italy all reported a third-quarter increase in economic output, but the German 0.7 per cent quarterly growth was below expectations of 0.8 per cent, the French 0.3 per cent increase only half of what was expected and the Italian 0.6 per cent fell short of the 0.7 per cent consensus.

The growth ends the deepest economic downturn in Europe since World War Two, brought on by a global financial crisis, but economists say recovery is likely to remain fragile.

The European Commission forecast on November 3rd that fourth-quarter growth would slow to 0.2 per cent quarter-on-quarter in the last three months of 2009 and then to 0.1 per cent in the first two quarters of 2010.

Growth is seen accelerating steadily from the third quarter of 2010 to reach 0.5 per cent in the second quarter of 2011.


Poor interest rates and falling property prices have left wealthy investors looking for alternative asset classes to put their money into. A weak dollar yesterday pushed the gold price to a record high of $1,072 an ounce. Shoppers at department store Harrods are now able to buy the ultimate luxury accessory – gold bars.

Have these shoppers not heard of high yield buy-to-let investments with good capital growth potential in Central London? You could go to Harrods, or you could go to Findlay.

Some gold

Some gold

The “ideal” time to buy a London home and cash in on price rises is the end of next year, housing economists said today.

Property prices in the capital are on track to fall 4.1 per cent again next year, wiping out this year’s recovery from January’s low.

But from 2011 they are expected to soar for the following five years by 31 per cent, researchers at estate agent Savills predicted.

Source: Savills

The New York Times has run a story on signs that British and Irish buyers, once the leading foreign players in several hot property markets, are starting to invest again after a long spell on the sidelines…

Read more here: New York Times

The London Times has published a feature on how Hackney has experienced huge price rises especially in Dalston and London Fields with prices up 18 per cent between October 2006 and October 2008, according to the Land Registry.

So, The Times asks is it too late to bag a bargain and are there further large price rises to come?

Nope! Findlay Property are still finding bargains for its clients. Call us on +44 20 7254 9444 to discuss.

Source: The Times

The population of the UK will rise from 61m to 71.6m by 2033 if current trends in growth continue, the Office for National Statistics (ONS) has said.

Just over two-thirds of the increase is likely to be related directly or indirectly to migration to the UK.

If the projected increase materialises, the population will have grown at its fastest rate in a century.

Source: BBC

According to estate agency Knight Frank, house prices will end this year 2% higher than they were at the beginning of the year led by the recovery in London and the South-East.

But the agency predicts that throughout next year prices will fall 3% nationally — the classic “W”-shaped recession — although London will continue to grow with prices rising by 3% next year and by 9% in 2011. Five years out, by 2014, London prices will be 38% higher than today while the national gain will be just 19%.

Source: Evening Standard

The European Central Bank signaled a cautious approach Thursday to withdrawing its unprecedented monetary stimulus for the European economy, as both it and and the Bank of England kept their benchmark interest rates steady. The Bank of England left its key rate at 0.5 percent, as some economists grow increasingly concerned that the British economic recovery could slow or even stall.

Source: International Herald Tribune

This week Time Out is running a guide to London’s best street markets.

They say that Broadway Market ‘is one of London’s most successful (and most gentrified) local markets with 80 stalls heaving with cheeses, meat and fish, cakes and preserves and a fruit and veg stall that’s traded on the market for the past 50 years.

Much smaller and less frenetic than Brick Lane, Broadway Market is also pleasingly eco-edged, with a ban on plastic bags and a stall selling souvenir cotton totes – perfect for the local trendies.’

Source: Time Out London

HSBC is making £500m available to homebuyers who have 10% deposits.

Martijn van der Heijden, head of mortgages at HSBC, said the housing crash seemed to be over and prices were recovering.

“It is a different picture today – houses prices seem to have bottomed and rates are low – and many of those who put off their purchase last year are starting to look around again,” he said.

Figures released today by the Bank of England showed that mortgage lending continued to improve last month.