Britain's economy is on somewhat of a winning streak this week as three separate reports suggest it's likely to avoid recession this year and a measure of house prices rose at the fastest pace in nearly two years.

The services portion of the economy – the biggest contributor to UK GDP - expanded at a faster pace than forecast in March, suggesting business and consumers are begging to feel more optimistic about the prospects for growth in the coming months.

When put next to two previous measures released this week – suggesting growth in manufacturing and construction – today's data points to GDP growth of 0.5 percent in the first quarter. That's more than enough to avoid slipping back into recession after a mild contraction in the economy in the final months of 2011.

Separately, a report from the Halifax Building Society said house prices around the country rose at their fastest pace in nearly three years this month. The 2.2 percent increase takes the average price of a home in Britain to just under £164,000.