First cut in Bank Rate in over four years The Bank of England has reduced Bank Rate for the first time in more than four years. The rate is now 5%, having been held at 5.25% since August 2023, after 14 consecutive increases. The Monetary Policy Committee (MPC) marginally voted in favour of reducing Bank Rate, by 5 votes Read More
Economic Review – July 2024
UK growth stronger than expected Figures released last month by the Office for National Statistics (ONS) showed the UK economy grew faster in May than had been predicted, while survey evidence points to a more recent post-election pick-up in business activity. The latest gross domestic product (GDP) statistics revealed that economic output rose by 0.4% in May, twice the level Read More
Residential Property Review – July 2024
A new Labour government – what next for housing? Following the Labour Party’s landslide election win, what changes might be in store for the UK housing market? In the Prime Minister’s introduction to the King’s Speech on 17 July, Sir Keir Starmer stated, “Too many people currently live with the threat of insecurity and injustice, and so we will Read More
Economic Review – June 2024
Prospect of rate cut moves closer While last month once again saw the Bank of England (BoE) leave interest rates unchanged at a 16-year high, the minutes to the Bank’s Monetary Policy Committee (MPC) meeting signalled a notable change in tone and economists now view a rate cut as the most likely outcome when the MPC next convenes. At its Read More
Residential Property Review – June 2024
Housing market update The UK housing market continues to show modest signs of recovery, according to the latest data from Savills. Despite some house price growth, a significant upturn is considered unlikely until mortgage affordability improves. Buyer activity continues to improve, as the number of sales agreed in May was 10% higher than the 2017-2019 average, according to TwentyCI. Read More
Economic Review – May 2024
UK growth rate at two-year high Last month’s release of first-quarter gross domestic product (GDP) statistics confirmed the UK economy has now exited the shallow recession entered during the latter half of last year, while survey evidence suggests private sector output has continued to expand across the past two months. The latest GDP data published by the Office for National Read More
Residential Property Review – May 2024
Housing market latest The property market continues to find its feet after a difficult 2023, with buyers remaining cautious due to the higher cost of borrowing. Mortgage rates may not be as high as they were last summer, but they are still elevated. While most experts agree that Bank Rate will be cut this year, there is uncertainty surrounding Read More
Nexus Adviser Fly Fishing for Team England
We’re very proud to wish Nexus IFA adviser John Piper and the rest of the England Fly Fishing Team good luck next week at the Spring Match 2024 international competition at Lough Ennell, Ireland.
