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Could the worst be over for the self employed and small businesses? New data suggests we have gotten to the bottom of the recession – but how long before self-cert mortgages make a return?

The results of the latest British Chambers of Commerce survey reportedly confirm that the worst of the recession is over. It has taken data from 5,600 companies which shows positive progress in both the manufacturing and service sectors.

It found that confidence has improved dramatically in the last three months, following sharp declines over the previous half year. The BCC says turnover confidence has now entered positive territory for the first time since last year, rising 40 points to '+2' in the last quarter of the year.

Any adviser will tell you that confidence is the most important driver in the mortgage market, so this is good news for those who are seeking finance – but the BCC says almost all the critical measures remain in negative territory and many are still weak by historical standards. So while confidence is improving, business and finance is still in the doldrums.

David Frost, director general of the BCC, says: “Our economy is based on confidence, and wealth-creating businesses need to know they will be given the freedom and flexibility to drive the UK out of recession and into a sustainable recovery. The Government needs to think long and hard about its policies on taxation and red tape, which threaten to stifle growth and employment."

It's all still very fragile, but confidence will hopefully lead to real improvements, which in turn will find its way to your business and to the mortgage market as a whole.

SOURCE: BCC, 07/07/09

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