Successive quarters of positive growth mark the end of a recession and the start of an expansion.
I think the coming budget will be very important in determining consumer sentiment. If taxes are hiked again, it will go against the growing narrative that we are on the up-and-up.
Steady increases in mortgage variable interest rates are taking place despite the ECB holding off on increases.
Wage cuts, tax increases and mortgage repayment increases all combined make it more difficult for homeowners to make repayments. Negative equity, which JK highlights, makes it impossible for those people to discharge their debt or move to a better earning locality. That, in turn, depresses the housing market further.
I think we are a long way from true recovery yet. It may be 2014 before the recessionary knife stops flaying the skin of the hapless citizen.