BANK CUTS GROWTH FORECAST
The Bank of England (BoE) has reduced its growth forecast for the UK economy amid growing concerns over global trade tensions and fears of a no-deal Brexit.
In its latest policy statement, the BoE said it now expects economic growth to be flat during the second quarter of this year, a downgrade from the 0.2% quarterly growth rate it predicted in May. This reduction partly reflects an anticipated hangover from the rapid level of stockpiling that was witnessed in the run-up to the original Brexit deadline in March.
For full briefing click here. Economic Review June 2019
Increase in second home ownership
According to think tank, the Resolution Foundation, the number of British people who own overseas property, buy-to-let or second homes has doubled since 2001, with wealth from owning a second property having risen to almost £1tn.
For full briefing click here. Residential Property Review June 2019
Hotels resist wider investment trends
Savills recent UK Commercial ‘Market in Minutes’ report has revealed that in 2018, all sector investment volumes totalled £62.4bn, a decrease of 4.8% on the previous year. The trend has continues this year, with volumes to the end of April down 15.7% on the same period last year. Interestingly, UK hotels have avoided this wider trend, with total hotel transaction volumes reaching £7.8bn last year, up 45% on 2017 data. The sector has been boosted by the acquisition of a number of large portfolios.
For full briefing click here. Property Market Review May 2019
UK GROWTH BOOSTED BY STOCKPIILNG
The UK economy benefited from a sharp one-off boost to growth in the first quarter of the year as manufacturers stockpiled ahead of a Brexit that never came.
Data released by the Office for National Statistics (ONS) revealed that gross domestic product (GDP) rose by 0.5% during the first three months of 2019; this compares with a growth rate of 0.2% in the final quarter of last year. While this clearly represents a strong rebound in growth, the ONS cautioned that the rise was driven by stockpiling as manufactures rushed to deliver orders before the original 29 March Brexit deadline.
For full briefing click here. Economic Review May 2019
Calls for a compulsory ‘snagging retention’ on new builds
A recent survey by New Home Review has revealed that more than nine out of 10 new-build homes in the UK have defects and almost 40% of new builds fail to meet their original deadline.
For full briefing click here. Residential Property Review May 2019
ARE THE BEST THINGS IN LIFE REALLY FREE?
Fashion designer Coco Chanel is reputed to have said “The best things in life are free. The second-best things are very, very expensive”.
Many of life’s most exciting and memorable experiences can come with a hefty price tag attached. Recent research2 has calculated that going to university, buying a house, getting married, having two children, then retiring, could on average add up to more than £560,000 over the course of a lifetime.
For full briefing click here. Your Wealth Spring 2019
Prime London property investment rises by 28% in Q1 2019
London’s West End and the City welcomed investment of £3.2 billion in the first quarter of 2019, which eclipsed the £2.5 billion investment seen in the same quarter of 2018, according to data released by Savills.
For full briefing click here. Property Market Review April 2019
STOCKPILING BOOSTS UK ECONOMY
The UK economy grew more strongly than expected in February as ‘pre-Bexit’ stockpiling provided a boost to the monthly rate of economic growth. Official gross domestic product (GDP) data released by the Office for National Statistics (ONS) has revealed that the economy expanded by 0.2% in February.
For full briefing click here. Economic Review April 2019
‘Last-time buyer’ numbers increase in home purchases
Whilst first-time buyers make up just over 50% of residential home purchases currently, a further 30% of purchases, account for approximately 200,000 homes, are being made by buyers aged 55 or older.
For full briefing click here. Residential Property Review April 2019
IS IT TIME TO GIVE YOUR PENSION A SPRING CLEAN?
The start of the new tax year can serve as a useful prompt to refresh your finances and take a look at your pension. Are your plans on track for your retirement? Here are a few steps you can take.
For full briefing click here. Your Money Spring 2019