Market Commentary – January 2024

Everything Is Awesome

Projecting The Past

Everything Is Awesome

Projecting The Past

Market At A Glance

Economy – UK

The ONS estimated monthly GDP increased 0.2% in the year to November 2023. Thanks to recent revisions, monthly GDP was 1.7% 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 0.7% annual fall in asking house prices in January 2024 while Nationwide reported a 0.2% annual fall in their mortgage approval based index over the same period. Meanwhile, the ONS reported a 2.1% annual fall in its sales agreed index for the year November 2023.

Transactions – UK

HMRC provisionally reported 80,420 residential transactions in December. This was 18% lower than the same month in 2019. Meanwhile, the Bank of England reported mortgage approvals for house purchase were 25% lower in December 2023 than the same month in 2019.

BuiltPlace® is a registered trademark of Residential Analysts Ltd

37 Great Pulteney Street, Bath, Avon, United Kingdom, BA2 4DA

Company number 10502989