Newsteer’s latest Economic and Property Market Commentary is now available. Led by our Development Consultancy Valuation teams, we present market data from the last quarter.
Key takeaways from the report include:
- With inflation now outpacing growth in earnings, real living standards are set to fall by 2.2% in the year 2022-23 which is the largest financial fall on record. Living standards are not expected to recover to their pre pandemic level until 2024-2025.
- Public finances have continued to recover from the pandemic more quickly than expected with tax receipts up by 4% because of strong growth in tax paid by higher earners and companies.
- In its April 2022 Press Release, the ONS reported Gross Domestic Product (GDP) is estimated to have grown by 0.1% in February 2022, and 0.8% in January 2022. This is now 1.5% above pre pandemic levels.
- On 17 March 2022 The Bank of England announced a 0.25% increase in its base rate from 0.50% to 0.75%.
- The Land Registry reports that for February 2022 property prices have increased by 0.5% compared to the previous month; when compared with the same month in 2021 they have risen by 10.9%.
- Nationwide’s March 2022 press release reported annual house price growth at 14.3% in March, up from 12.6% in February with UK house price growth surging to its highest level since 2004. Wales has remained the strongest performing region, while London has continued to lag behind the rest of the country.
Download the full report here.
For further information or to discuss your Valuation requirements, contact Lizzie Sears.
