The initial phase of the recovery was led by exports growth. However domestic demand is now also contributing positively to growth. Over 100,000 new jobs have been created since Q1 2012 and, since the beginning of 2013, the net gain has all been in full time positions.
As a result, aggregate disposable incomes are now rising again, and this trend will gather further momentum as the labour market tightens and our improving public finances allow scope for fiscal easing.
Source : Savills