Housing industry boosts UK economy

People looking for cheap mortgages can be pleased that they are doing their bit to boost the economy.

According to the British Property Federation BPF, the housing market contributes more to the UK economy than the banking sector.

Commercial property is larger than the banking industry, employs close to one million people and represents five per cent of the £2.4 trillion invested by insurance and pension funds, the new report by the Property Industry Alliance PIA explained.

Sir Robert Finch, chairman of the PIA, commented: "The report shows the importance of the commercial property industry to the overall UK economy should not be underestimated and the crucial role it will play in our economic recovery."

He said that the industry provides people with opportunities to work, shop and play, as well as playing a major role in retirement funding, adding that the government needs to take this into account.

New research by Halifax meanwhile revealed that Bury is England's property hotspot.

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2011-10-24 15:35:27 © Moneyextra.com