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

Economic Review – April 2024

UK economic recovery gains momentum Official statistics published last month showed the UK economy returned to growth in the first two months of 2024, while more recent survey data suggests the recovery from last year’s shallow recession continues to gather momentum. The latest gross domestic product (GDP) figures released by the Office for National Statistics (ONS) revealed that the economy Read More

Residential Property Review – April 2024

Upcoming election has not discouraged potential movers A survey by Savills has found that the prospect of the UK General Election has not put off the majority of home movers. According to the report, 79% of respondents have not changed their intentions to move because of the UK election; in fact, 13% said that they were even more intent on Read More

Economic Review – March 2024

Short-term growth forecasts upgraded New economic predictions produced by the Office for Budget Responsibility (OBR) suggest the UK economy is set to grow by more than previously expected over the course of the next two years. Chancellor Jeremy Hunt unveiled the independent fiscal watchdog’s latest forecasts during his Spring Budget delivered to the House of Commons on 6 March. The Read More

Residential Property Review – March 2024

RICS responds to the Spring Budget The Royal Institution of Chartered Surveyors (RICS) has released a statement in response to the Spring Budget. On 6 March, the Chancellor announced that twenty more towns will join the Long-Term Plan for Towns, each receiving £20m. RICS was supportive of this investment, as well as the government’s deeper devolution deal with the North Read More