UK economy returns to growth Data released last month by the Office for National Statistics (ONS) showed economic growth was stronger than expected in February, although more recent survey evidence suggests this pick-up may prove short-lived as economic headwinds threaten growth prospects. According to the latest gross domestic product (GDP) statistics, economic output rose by 0.5% in February, the fastest Read More
Residential Property Review April 2025
Most homeowners underestimate property value by tens of thousands Zoopla research says most homeowners are in the dark about their property’s true value. While house prices have held steady in recent years, long-term growth has come as a surprise to many homeowners. Zoopla’s data shows 64% of homeowners underestimate how much their property is worth. Over a third valued their Read More
Economic Review March 2025
Chancellor trims spending plans Rachel Reeves delivered her Spring Statement on 26 March, unveiling welfare cuts and spending reductions in order to balance the government’s books in the face of a worsening fiscal outlook. The new spending plans were required to ensure the Chancellor stays on track to meet her two self-imposed fiscal rules, which she confirmed remain “non-negotiable.” An Read More
Residential Property Review March 2025
Housebuilding falls to seven-year low as planning delays persist Housebuilding in England has dropped to its lowest level since 2017, excluding the pandemic period, with just 217,911 new homes completed in 2024. This marks a 6% decline from 2023’s total of 231,000 and continues a four-quarter trend of falling completions, according to Energy Performance Certificate (EPC) data. Completions have slowed Read More
Economic Review February 2025
Growth stronger than expected in late 2024 Data released last month by the Office for National Statistics (ONS) revealed that the UK economy unexpectedly grew in the final three months of last year, although more recent survey evidence still points to a sluggish outlook. Following its latest meeting, which concluded on 5 February, the BoE’s nine-member Monetary Policy Committee (MPC) Read More
Residential Property Review – February 2025
Falling Bank Rate offers boost to mortgage holders The Bank of England cut Bank Rate from 4.75% to 4.5% at the latest meeting of its Monetary Policy Committee (MPC) in early February. Although the 0.25 basis point cut had been widely expected, many mortgage holders will have breathed a sigh of relief. While the MPC voted by a majority 7–2 Read More
Economic Review January 2025
Chancellor unveils plan for growth On 29 January, the Chancellor outlined her plan to boost economic growth during a speech in Oxford, although data released last month suggests the UK economy remained largely stalled at the start of this year. In her speech to business leaders, Rachel Reeves set out a series of major announcements on infrastructure projects which she Read More
Residential Property Review – January 2025
What to expect in 2025… Property experts Savills are hopeful that 2025 will be a positive year for the housing market, despite some challenges. The average house price is expected to increase by 4% over the course of this year, partly due to improved mortgage affordability restoring confidence among potential buyers. In 2024, performance in London was better than expected; Read More
