Business rates boost for hospitality and leisure The Autumn Budget provided good news for badly hit shops, restaurants, bars and gyms, with a temporary 50% cut in business rates in England announced by the Chancellor. These sectors, which suffered particularly badly during the pandemic, will be able to claim a 50% discount on their bills up to a maximum of Read More
Economic Review October 2021
OBR forecasts stronger growth The Office for Budget Responsibility (OBR) has upgraded its UK economic growth forecast and is now predicting the economy will return to its pre-pandemic level six months earlier than previously expected. Chancellor Rishi Sunak unveiled the independent forecaster’s revised projections during his Budget statement delivered to the House of Commons on 27 October. The new forecast Read More
Residential Property Review – October 2021
Supply still lagging demand Steady buyer demand and a sixth successive month of net negative new instructions, were the standout trends in the September UK Residential Market Survey published by the Royal Institution of Chartered Surveyors (RICS). “At the national level, new buyer enquiries had a net balance of zero in September, up from -13% in August” At the national Read More
Commercial Property Market Review – October 2021
Strong recovery for UK flex market According to Workthere research, the flexible office sector regained momentum in H1 2021 following its pandemic-induced slump, with renewed appetite for flex space in both enquires (+30% on pre-pandemic levels) and transactions (+36%). Flexible workplaces – a catchall term encompassing anything from serviced offices to fitted plug and play space – make up a Read More
Economic Review September 2021
Upgrade to UK GDP growth The Office for National Statistics (ONS) has revised UK economic growth for Q2 2021 to 5.5% from an original estimate of 4.8%. The UK’s level of GDP is now 3.3% below where it was pre-pandemic in Q4 2019, revised from the previous estimate of 4.4% below. Other ONS data indicates a loss of momentum more Read More
Residential Property Review – September 2021
Signs of solidity in UK housing market After reaching record highs in June, the housing market is now ‘taking a breather‘, according to the Royal Institution of Chartered Surveyors’ (RICS) August survey. New buyer enquiries fell for a second consecutive month, with the latest net balance dropping to -14%. Despite this slip in demand, supply still lags; new listings fell Read More
Commercial Property Market Review – September 2021
Robust figures for commercial property market Commercial property investment volumes reached £31.4bn at the end of July, according to the most recent UK Commercial Market in Minutes report from Savills. This was 32% above the same period in 2020 and 4% higher than the five-year average. Savills also noted a promising rise in the three-month rolling total for investment volumes. Read More
Economic Review August 2021
Strong second quarter growth The latest gross domestic product (GDP) figures showed that the UK economy grew strongly in the second quarter, although more recent survey evidence does suggest the recovery is losing momentum. Data published by the Office for National Statistics (ONS) revealed the economy grew by 4.8% in the second quarter of this year, fuelled by expansion in Read More
