I think things are definitely on the up, I notice there is a definite feel good factor, things have been grim for most people since 2007, but you can't argue with facts and what you can see with your own eyes...
New car sales are high, house prices are slowly moving upwards, (Going crazy in London as usual), wine bars are full, most pubs (especially ones that serve food) seem to be doing OK, however there are certain pockets in England that are still in the doldrums, The East Yorkshire coast, Parts of Northumberland, parts of Merseyside, but overall it's looking OK.
Downsides?
Young first time buyers are struggling to get on the housing ladder, I have three lads and know what it's like for them, but I certainly don't subscribe to the idea that you should overstretch yourself, that can only end in misery...remember mortgage rates can only go up, and when they do, many people will suddenly be shopping at Aldi not Waitrose....:)
Of course I am only generalising, I know many haven't had much of a pay increase for four or five years, and jobs are hard to come by, but I still think things are moving in the right direction.