Market Commentary – February 2024

At What Price?

Rebuilding The Model

At What Price?

Rebuilding The Model

Market At A Glance

Economy – UK

The ONS estimated monthly GDP was unchanged in the year to December 2023. Thanks to recent revisions, monthly GDP was 1.2% above the pre-pandemic peak recorded in January 2020. However, this monthly data will continue to be revised in the future.

House Prices - UK

Rightmove reported a 0.1% annual rise in asking house prices in February 2024 while Nationwide reported a 1.2% annual rise in their mortgage approval-based index over the same period. Meanwhile, the ONS reported a 1.4% annual fall in its sales agreed index for the year to December 2023.

Transactions – UK

HMRC provisionally reported 82,000 residential transactions in January. This was 15% lower than the same month in 2019. Meanwhile, the Bank of England reported mortgage approvals for house purchase were 15% lower in January 2024 than the same month in 2019.

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