Ageing Britain 'faces up to five more decades of austerity Spending on the high street is holding up nicely, housing market transactions are beginning to gather pace and, perhaps most significantly, the global economy also appears to be on the mend. In fact, it's the first time in many months where we can see balanced growth in the economy. The most significant boost to the UK's growth prospects will come from a recovery in exports and business investment beginning next year, according to ITEM. Net trade - the UK's balance of imports and exports - dragged on GDP over 2012, but as demand from the economic powerhouses of the US and China improves, UK exports should increase by 1.2pc this year and 4.6pc in 2014. Meanwhile, as firms grow in confidence, they should stop hoarding their cash and start spending on investment and recruitment. In the meantime, ITEM says consumer spending and housing market activity will support growth. More than 1 million people will move home this year, it predicts. House prices should rise as activity picks up, increasing by 2.3pc - roughly the pace of inflation - in 2013, and accelerating to 5.5pc in 2014 and 6.3pc in 2015. Consumer spending will also increase, by an expected 1.6pc this year and 1.9pc in the next, albeit as people dip into their savings to keep spending. Saving ratios will drop to 5.6pc from 6.3pc last year, under the projections. The generally upbeat forecast comes after data last week supported hopes that the recovery is gaining momentum and the International Monetary Fund upgraded its 2013 growth forecast for the UK from 0.7pc to 0.9pc.