UK’s growth is driven by housing market, says Carney

Mark CarneyBank of England Governor Mark Carney has indicated that he believes that the strong economic recovery in the UK is backed by the revival in the country's housing market.

While speaking to a media outlet, he said that most of the growth in the economy is coming fromt eh momentum in the housing market. The Office for National Statistics said that the British economy grew 0.8 per cent during the three months till 30, September, 2013. The growth is higher than 0.7 per cent recorded in the previous quarter and mostly in line with expectations.

The UK economy recorded a growth of 0.8 per cent during the quarter from July through to September, which is its highest since the second quarter of 2010. The construction sector recorded a strong growth at 2.5 per cent during the quarter as the government's polices helped boost growth and demand in the country.

Chief economist of the Bank of England said that a healthy housing market is good the British economy and pointed out that the Financial Policy Committee will monitor Government's controversial Help to Buy mortgage scheme.