“As consumers gear up to spend more… there’s a brighter outlook for the coming months” Last Tuesday, figures from the latest Barclays Consumer Spend Report revealed that consumer card spending fell to a three-year low in May. As households continue to feel the squeeze, overall spending grew by just 1.0% for the month, its lowest […]
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News in Review
“The market appears to be showing signs of resilience” The UK experienced a modest rebound in house price growth in May, according to the latest Nationwide House Price Index, released on Friday. Prices rose by 0.4% month-on-month to reach an average house price of £264,249. The annual growth rate picked up to 1.3%, from 0.6% […]
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 […]
News in Review
“I will fight for every vote” Last Wednesday, hot on the heels of fresh inflation data, Prime Minister Rishi Sunak took to a rain-soaked Downing Street podium to announce the date of the General Election – which is due to be held on 4 July. The countdown is on. The statement signals the start of […]
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, […]
Commercial Property Review – May 2024
Central London office market – a Q1 update Data from Jones Lang LaSalle (JLL) shows that the central London office market had a slightly weaker start to the year. January to March saw the lowest quarterly leasing activity since Q1 2021, with 1.5m sq. ft transacted. This is nearly a third (31%) lower than the […]
News in Review
“The sheer scale of this near three-year inflation shock has reshaped the economy” New research from the Resolution Foundation has shone a light on the impact of inflation on the UK economy. The prolonged spike in inflation has ‘left British households spending less and saving more’ as elevated prices have affected spending behaviour, living standards […]
News in Review
‘A change in Bank Rate in June is neither ruled out nor a fait accompli” Last week, during their third meeting of the year, the Bank of England’s (BoE’s) Monetary Policy Committee (MPC) voted to retain Bank Rate at 5.25% by a majority of seven to two. Two members of the committee preferred to reduce […]
News in Review
“Businesses are feeling increasingly confident about the economy” The recently released Lloyds Bank’s Business Barometer has revealed that during April overall business confidence was consistent at 42%. The confidence recording remains considerably higher than the Barometer’s long-term average of 28%. In the last year, only the reading in January 2024 has seen businesses reporting higher […]
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 […]