Market Commentary – November 2023

Mind The Gap

New Build Supply

Mind The Gap

New Build Supply

Market At A Glance

Economy – UK

The ONS estimated monthly GDP increased 1.3% in the year to September 2023. Thanks to recent revisions, monthly GDP was 1.9% 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 1.3% annual fall in asking house prices in November 2023 while Nationwide reported a 3.3% annual fall in their mortgage approval based index in the year to October. Meanwhile, the ONS reported 0.1% annual fall in its sales agreed index for the year to September 2023.

Transactions – UK

HMRC provisionally reported 82,910 residential transactions in October. This was 15% lower than the same month in 2019. Meanwhile, the Bank of England reported mortgage approvals for house purchase were 28% lower in October 2023 than the same month in 2019.

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