DETERIORATING SENTIMENT AS COVID-19 IMPACTS
The Royal Institution of Chartered Surveyors recent ‘UK Residential Market Survey‘ has reported that despite the residential property market experiencing a notable pickup in momentum at the start of the year, sentiment across the market has deteriorated sharply as a result of the COVID-19 outbreak.
The survey highlights that following three consecutive monthly increases, new buyer demand came to an immediate halt in March, with a net balance of -74% of respondents across the UK reporting a fall in enquiries, and a net balance of -69% saw a decline in sales volumes. New instructions also tailed off sharply and inventory levels reached a record low of on average 40 properties per branch in March.
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INFLATION SET FOR FURTHER FALLS
The headline rate of inflation in the UK fell in March with economists expecting a continuation of this downward trend over the coming months.
Office for National Statistics (ONS) data showed that the Consumer Prices Index (CPI) 12-month rate – which compares prices in the current month with the same period a year earlier – dropped to 1.5% in March, down from the previous month’s figure of 1.7%. This bucked the usual seasonal pattern with prices traditionally rising between February and March; this year was only the second time in over 30 years that this measure of inflation has fallen during this period.
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HOUSE-HUNTERS KEEN TO MOVE, BUT SELLERS AREN’T SO SURE
What’s the mood in today’s housing market? A new ‘State of the Property Nation’ report noted growing eagerness among would-be buyers, with nervousness about the economy causing sellers to hold their fire. The subsequent COVID-19 outbreak will no doubt have an impact.
For full briefing click here. Your Home Finance Spring 2020
2020 Budget prioritises relief for struggling businesses
As the COVID-19 pandemic continues to rage, many businesses are struggling to cope financially – but small businesses (those with a rateable value of less than £51,000 per year) are deemed to have been the worst hit.
For full briefing click here. Property Market Review March 2020
ARE YOU READY FOR ‘THE GREAT WEALTH TRANSFER’?
Over the next three decades, the asset-rich ‘Baby Boomer’ generation is expected to pass down a record-breaking amount of wealth to their often debt-saddled and rent-paying Millennial and Generation Z offspring. Money matters are never the easiest topic, but if this intergenerational wealth transfer is to be handled successfully, families need to start discussing it.
For full briefing click here. Your Wealth Spring 2020
Spring Budget: What does it mean for the housing market?
While it is true that this year’s highly anticipated Spring Budget speech, delivered by new Chancellor Rishi Sunak, was understandably dominated by the government’s emergency measures to protect the British economy and population from the impact of COVID-19, there were other positives to be gleaned on the future of the housing market.
For full briefing click here. Residential Property Review March 2020
RATES CUT TO RECORD LOW
The Bank of England (BoE) sanctioned two emergency rate cuts during March in a bid to address the impact of the COVID-19 pandemic, leaving interest rates at a historic low of 0.1%.
For full briefing click here. Economic Review March 2020
DON’T LET ‘DECISION FATIGUE’ IMPACT YOUR FINANCES
A recent survey has found that people in Britain suffer from ‘decision fatigue’ when it comes to financial planning.
Lack of time and mental space for tackling difficult money issues means that less important decisions are prioritised instead. Over half (52%) of survey participants said they would make time to compare holiday destinations but only one in three (29%) said the same about considering their pension options.
For full briefing click here. Your Money Spring 2020
Growth in UK grocery sector
Colliers International annual UK Grocery Report has revealed that property investors put £1.78bn into the UK grocery sector in 2019, which is 80% up on volumes in the previous year.
For full briefing click here. Property Market Review February 2020
London sees surge in luxury property prices
Prices for prime London property surged in the final quarter of 2019, the latest Coutts London Prime Property Index found. On average, prices increased by 5.3% in 2019 – with 4.8% of this coming from Q4 alone.
For full briefing click here. Residential Property Review February 2020