UK economy expands in May The latest gross domestic product statistics show that the UK economy unexpectedly grew in May although forward-looking indicators still point to a deteriorating outlook. Figures released last month by the Office for National Statistics (ONS) revealed that the economy returned to growth in May after contracting during April. In total, … Continue reading “Economic Review – July 2022”
Trust Registration Service – update
The deadline of 1st September 2022 for registering trusts on the Trust Registration Service (TRS) is fast approaching. As a reminder, the UK’s Trust Registration Service (TRS) is an online register of the beneficial ownership of trusts and was first introduced in 2017 as part of an EU anti-money laundering directive aimed at combating money … Continue reading “Trust Registration Service – update”
Residential Property Review – July 2022
Cooling demand slows sales Demand is cooling in the UK housing market, according to the latest Residential Market Survey published by the Royal Institution of Chartered Surveyors (RICS). New buyer enquiries slipped to a net balance of -27% in June, a significant drop from the -9% recorded a month earlier. Net buyer enquiries had fallen … Continue reading “Residential Property Review – July 2022”
Commercial Property Market Review – July 2022
Strong first half for commercial property Investment and take-up performed strongly in H1 2022, according to Savills’ latest UK Commercial Property update, while vacancy rates remained low. Overall investment levels in H1 2022 were 20% above the long-term average, even after slowing in the second quarter. The total half-yearly investment of £25.4bn came mostly towards … Continue reading “Commercial Property Market Review – July 2022”
Economic Review – June 2022
Slowdown fears mount The latest gross domestic product (GDP) statistics show the UK economy unexpectedly shrank in April, increasing concerns about future growth prospects. Data released by the Office for National Statistics (ONS) revealed that the economy shrank by 0.3% in April following a fall of 0.1% in March; this was the first contraction in … Continue reading “Economic Review – June 2022”
Residential Property Review June 2022
UK housing market – busy but slowing Following two frenetic years, UK housing market activity remains strong, despite some signs of a slowdown beginning to emerge. In April 2022, sales agreed were 18% higher than the month’s pre-pandemic average, according to TwentyCi. Completions too remained 13% above the 2017-19 rate. First-time buyers (FTBs) continue to … Continue reading “Residential Property Review June 2022”
Commercial Property Market Review June 2022
Quality is key for London office space After its pandemic-induced hibernation, London’s office market has kicked back into life, with demand from Central London occupiers in Q1 2022 more than 34% above the five-year quarterly average, according to Savills. As confidence returns to the office market, more Central London occupiers are increasing their total space … Continue reading “Commercial Property Market Review June 2022”
Economic Review – May 2022
Bank warns of deteriorating outlook The Bank of England (BoE) has warned that the UK faces a “sharp economic slowdown” in the coming months as it continues to raise interest rates in a bid to dampen rapidly rising prices. Following its early-May meeting, the BoE’s nine-member Monetary Policy Committee (MPC) voted by a 6-3 majority … Continue reading “Economic Review – May 2022”
