Economic Review – November 2024

Interest rates set to fall more gradually Last month, the Bank of England (BoE) cut interest rates for only the second time since 2020 but also warned future reductions were likely to be more gradual due to the prospect of inflation creeping higher next year. Following its latest meeting, which concluded on 6 November, the BoE’s nine-member Monetary Policy Committee Read More

Residential Property Review – November 2024

Budget caused uncertainty in the market There was some uncertainty within the housing market ahead of the Autumn Budget at the end of October, which was reflected in muted consumer activity. House price growth slowed ahead of the first Labour Budget in 14 years according to Savills. Mortgage rates rose slightly at the end of October as lenders repriced their Read More

Economic Review – October 2024

Economy set for short term Budget boost New economic projections produced by the Office for Budget Responsibility (OBR) suggest the Labour administration’s first Budget will provide only a ‘temporary boost’ to UK economic output.  Chancellor Rachel Reeves revealed the independent fiscal watchdog’s latest forecast during her Autumn Budget delivered to the House of Commons on 30 October. The updated figures Read More

Residential Property Review – October 2024

Improving conditions in the residential market Activity in the residential property market is picking up as house prices continue to show modest growth, according to Savills.   In August, mortgage approvals were only 3% below pre-pandemic levels. In September, sales agreed and new instructions were 8% and 9% above their respective 2017-2019 averages, highlighting that supply and demand are growing Read More

Economic Review – September 2024

UK economic growth forecast upgraded An updated forecast published last month by the Organisation for Economic Co-operation and Development (OECD) suggests the UK will be the joint-second fastest growing economy among the G7 nations this year.  According to the OECD’s latest projections, the UK economy is set to expand by 1.1% across the whole of 2024, a significant upgrade from Read More

Residential Property Review – September 2024

Recovery in the residential market Recent data indicates that the residential property market is continuing to recover.   According to TwentyCi, in the period from June to August 2024, sales agreed were only 1% lower than pre-pandemic levels. Promisingly, the number of new property listings was up 3%, indicating growing confidence among sellers. Meanwhile, Bank of England data shows that Read More

Economic Review – August 2024

BoE starts to cut rates In early August, the Bank of England (BoE) sanctioned the first reduction in interest rates since March 2020 and economists expect a second cut to be announced before the end of this year. The closely-run decision was announced on 1 August following the latest meeting of the Bank’s Monetary Policy Committee (MPC). At the meeting, Read More