Market Commentary – May 2024

The Politics of Housing

Let’s Talk About Tax (in July)

The Politics of Housing

Let’s Talk About Tax (in July)

Market At A Glance

Economy – UK

The ONS estimated monthly GDP rose 0.7% in the year to March 2024. Monthly GDP was 2.1% 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 0.6% annual rise in asking house prices in May 2024 while Nationwide reported a 1.3% annual rise in their mortgage approval-based index over the same period. Meanwhile, the ONS reported a 1.8% annual rise in its sales agreed index for the year to March 2024.

Transactions – UK

HMRC provisionally reported 90,400 residential transactions in April. This was just 8% lower than the same month in 2019. Meanwhile, the Bank of England reported mortgage approvals for house purchase were 7% lower in April 2024 than the same month in 2019.

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