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:

• The cost of living crisis is at the top of the agenda with the OBR reporting that the increase in energy prices combined with 40-year high inflation means that an erosion in real incomes will cut GDP growth over 2022 from the previously predicted 6.0% to 3.8%
• According to the ONS construction output is 3.3% above its pre pandemic level in April 2022.
• Nationwide reported that the price of a typical UK home climbed to a record high of £271,613, with average prices increasing by over £26,000 in the last year.  Halifax report £289,099
• According to Halifax The rungs on the housing ladder have become much wider with property price inflation hitting buyers for detached houses more than buyers of flats. Compared to May last year, you’d need around £10,000 more to buy a flat, but an additional £50,000 for a detached home.
• Halifax and Nationwide predict that housing market growth expected to slow in the months ahead as there are signs that housing demand is beginning to decrease.

Download the full report here.

For further information or to discuss your Valuation requirements, contact Lizzie Sears.