UK Property Market Q3 2024 Overview

UK Property Market Q3 2024 Overview

Oracle Capital presents a thematic report: UK Property Market Q3 2024 Overview. This report provides valuable insights into current UK property market trends, including the economic outlook, investment market trends, statistics on mortgage lending, as well as a brief overview of the UK hotel market.

Economic Outlook

Inflation

Inflation continued its steady descent, falling from 4% at the end of 2023 to the Bank of England’s 2% target rate in May.

The latest consensus forecasts suggest that CPI inflation should remain close to the Bank of England’s 2.0% target this year and next, at 2.5% by Q4 2024 and 2.2% in Q4 2025. However, CPI could dip a little below the target in the coming months.

The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 2.6% in the 12 months to September 2024.

Economic Growth

UK gross domestic product (GDP) is estimated to have increased by 0.5% in Quarter (Apr to June) 2024.

In its latest world economic outlook and financial stability report, the IMF revised Britain’s GDP growth to 1.1 percent this year — up from 0.7 percent in its July projection.

Interest rates

The Bank of England finally cut interest rates to 5% at its August meeting after holding them at 5.25% seven times in a row. This is the first drop in rates since March 2020 when the UK entered the first Covid lockdown and it reflects the easing of inflationary pressures last time.

Economists expect one more cut from the Bank of England in 2024. November is the most likely month for the cut.


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