Short-term growth forecasts upgraded New economic predictions produced by the Office for Budget Responsibility (OBR) suggest the UK economy is set to grow by more than previously expected over the course of the next two years. Chancellor Jeremy Hunt unveiled the independent fiscal watchdog’s latest forecasts during his Spring Budget delivered to the House of … Continue reading “Economic Review – March 2024”
Residential Property Review – March 2024
RICS responds to the Spring Budget The Royal Institution of Chartered Surveyors (RICS) has released a statement in response to the Spring Budget. On 6 March, the Chancellor announced that twenty more towns will join the Long-Term Plan for Towns, each receiving £20m. RICS was supportive of this investment, as well as the government’s deeper … Continue reading “Residential Property Review – March 2024”
Economic Review – February 2024
Survey suggests recession already over Official statistics released last month showed the UK economy fell into recession during the second half of last year, although more recent survey data does suggest the recession could already be over. The latest gross domestic product (GDP) figures published by the Office for National Statistics (ONS) showed the economy … Continue reading “Economic Review – February 2024”
Residential Property Review – February 2024
Positive start to the year for the housing market Increased demand from buyers and sellers is helping to get the housing market back on track this year. According to the Royal Institution of Chartered Surveyors (RICS), the data on new buyer enquiries is consistent with a gradual recovery, which shows a 7% uptick in January, … Continue reading “Residential Property Review – February 2024”
Economic Review – January 2024
UK economy rebounds in November Official statistics show the economy returned to growth in November, although analysts believe it remains a close call as to whether or not the UK will once again manage to avoid a recession. Figures released last month by the Office for National Statistics (ONS) showed the UK economy grew by … Continue reading “Economic Review – January 2024”
Residential Property Review – January 2024
Falling mortgage rates bolster housing market Hope seems to be on the horizon for the housing market as the year gets off to a promising start. The decision from many mortgage lenders to reduce rates seems to have had the desired effect, as buyer interest has noticeably increased. Lenders are competing to offer the best … Continue reading “Residential Property Review – January 2024”
Economic Review – December 2023
Inflation drop sparks rate cut speculation A surprise sharp decline in the rate of inflation has ignited hopes of an interest rate cut by spring, despite the Bank of England (BoE) insisting it is ‘too early’ to speculate about when rates might be reduced. Following its latest meeting, which concluded on 13 December, the BoE’s … Continue reading “Economic Review – December 2023”
Residential Property Review – December 2023
Sellers knock £18,000 off asking prices Sellers accepted an average discount of £18,000 on their property sale in November 2023 – the highest average price cut in five years. This is according to property portal Zoopla, which stated that high mortgage rates are continuing to impact housing affordability for buyers – meaning that sellers are … Continue reading “Residential Property Review – December 2023”
