UK inflation rate declines Data released by the Office for National Statistics (ONS) showed the UK inflation rate fell by more than expected in June, leading analysts to predict that interest rates are now likely to rise less sharply than previously feared. The latest inflation statistics revealed that the Consumer Prices Index (CPI) 12-month rate […]
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News in review
‘A resilient financial sector’ Interest rates in the UK will need to stay higher for longer than previously forecast to tackle inflation, the International Monetary Fund (IMF) warned last week, despite improvements in the country’s economic outlook since the start of 2023. With cheaper energy, better relations with the European Union and calmer financial markets, […]
Residential Property Review – July 2023
RICS survey shows demand falling Activity in the residential sales market deteriorated in June, according to the latest UK Residential Survey by the Royal Institution of Chartered Surveyors (RICS), with negative net balance readings returned across many indicators. New buyer enquiries fell to a net balance of -45%, compared to -20% recorded in May, the […]
Commercial Property Review – July 2023
Hotel investment The latest Knight Frank analysis of the UK hotel sector shows that transaction volumes were around £860m in H1 2023, 60% below investment volumes for the same period one year earlier. There is a challenging environment in the UK, reflective of the macro-economic environment, with sluggish GDP growth. Some deals have completed, as […]
News in Review
“Inflation is falling and stands at its lowest level since last March” Last week, official data released by the Office for National Statistics (ONS) revealed that inflation in the UK fell further than expected in June to settle at 7.9%, down from 8.7% a month earlier and its lowest point since March 2022. The ONS […]
News in Review
“Our plan will work, but we must stick to it” Official figures released last week by the Office for National Statistics (ONS) showed that UK gross domestic product (GDP) contracted by 0.1% in May. Analysts pointed to the additional bank holiday for the coronation as a key factor in this decline. By falling into reverse, […]
News in Review
“British pensioners should benefit from British business success” Chancellor Jeremy Hunt announced a package of reforms designed to boost pensions and increase investment in British businesses, in his first Mansion House speech which took place on Monday evening. He stated that the Mansion House Reforms aim to secure the best possible outcome for pension savers, […]
News in Review
“These measures should offer comfort to those who are anxious about high interest rates” Last week, around 85% of lenders operating in the UK’s mortgage market signed a government Mortgage Charter agreeing to support borrowers, following a meeting with the Chancellor to discuss the impact of rising mortgage rates on homeowners. The Charter includes allowing […]
Economic Review – June 2023
Inflation persistence forces rates higher The Bank of England (BoE) has sanctioned another hike in its benchmark interest rate after citing ‘significant upside news’ which suggests inflation is likely to take longer to fall back to the Bank’s target level. Following its latest meeting, which concluded on 21 June, the BoE’s nine-member Monetary Policy Committee […]
News in Review
“If we don’t raise rates now, it could be worse later” Last Thursday, the Bank of England (BoE)’s Monetary Policy Committee (MPC) voted to increase Bank Rate to 5%, a half percentage point rise that caught many economists by surprise. After a thirteenth consecutive rise, Bank Rate is now higher than at any point since […]