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News Release

London

UK economy avoids a triple-dip recession after it grew by 0.3% in Q1 2013

Reaction from Jones Lang LaSalle


London, 25th April 2013 – Jones Lang LaSalle gives its reaction to today’s announcement that the UK economy avoids a triple-dip recession after it grew by 0.3% in the first three months of the year.

Andrew Burrell, head of EMEA Forecasting at Jones Lang LaSalle, said: “Today’s announcement provides a welcome boost to sentiment after a rocky start to 2013. The expectation was for no growth or even a small contraction, the dreaded triple dip. This shouldn't allow us to be complacent about the underlying fragility of an economy that has seen almost no expansion since late 2010. But it is early evidence that the recovery may be back on track.”

Adam Challis, head of UK Residential Research, added:  “Today’s announcement is positive news for the economy and the UK housing market. Forward progress on the economy will improve sentiment through greater job security, leading to increased residential demand in the future.”

“Undoubtedly many commentators will be urging caution, as we have a long road to recovery ahead. However, we think it’s well worth pausing to take note of some genuinely positive economic news.”

Jon Neale, head of UK Research, concluded:  “We are already seeing signs of stronger activity in the London office market. Our latest quarterly report, due out shortly, suggests that the demand for office space in the capital has increased strongly over the past few months. Consequently, we expect the market to heat up in the coming months, although as with the wider economy, the recovery is unlikely to be rapid."