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 two consecutive months since the Read More
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 drive demand, according to UK Read More
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 (29%) than decreasing it (13%), Read More
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 to increase the Bank Rate Read More
Residential Property Review – May 2022
Three key Queen’s Speech commitments Housing featured prominently in the Queen’s Speech on 10 May, with social housing, rental reform and leasehold reform all part of the government’s priorities in the coming twelve months. Of the 38 legislative announcements, there were three significant ones relating to housing: the Social Housing Regulation Bill, the Renters’ Reform Bill and the Leasehold Reform Read More
Commercial Property Market Review – May 2022
Return to the office According to a recent business update, London’s office-leasing market is kicking back into life after its pandemic-induced slumber, with modern and energy-efficient space most in demand. Companies are willing to pay higher rents for leases than they were a year earlier, according to Derwent London, a FTSE 250 office landlord. The value of its new lettings Read More
Economic Review – April 2022
IMF cuts growth forecast The International Monetary Fund (IMF) has warned that economic damage from the Ukraine conflict will contribute to a significant slowdown in the global economy with the UK set to be amongst the hardest hit. In its latest assessment of world economic prospects, the IMF said the war in Ukraine is driving up fuel and food prices Read More
Residential Property Review – April 2022
Supply shortages fail to blunt sales Low availability is once again the key trend in the UK housing market, even as stock levels edge upwards and sales remain strong. In March, estate agents reported a 3.5% monthly rise in the level of stock on their books, according to Zoopla. Moreover, the number of homes coming to market has exceeded new Read More
