The economy continues to recover from the record decline in GDP in April, according to latest statistics from the Office for National Statistics suggesting growth of 2.1% in August. This is weaker than expected and slower than the 6.4% rate recorded in July. The size of the UK economy remains 9.2% below its pre-Covid level. Nonetheless, Q3 figures (12 November release) will show the UK is ‘technically’ out of recession and the government remains committed to supporting businesses and protecting jobs as outlined in its ‘winter economic plan’. The package includes a new Jobs Support Scheme, an extension to the 15% VAT cut for the hospitality and tourism sectors, and help for businesses in repaying government-backed loans.
In this month’s property snapshot, we highlight -
- Monthly investment volumes rise from August’s £1.3bn to six-month high of £3.2bn
- The first week of October has seen transactions worth £1.7bn, suggesting that momentum is building further
- PRS remains in high demand, with over £650m transacted in September
- Industrial take-up will reach a new record high in 2020