New figures have given fresh cause for optimism in the wake of the historic Brexit vote as we head into September.
There was a pick-up in house price growth over August, according to Nationwide. And confidence among UK consumers also improved during the month, another survey has suggested.
The findings follow encouraging economic data, a fall in unemployment, statistics showing gains for manufacturing and the Bank of England’s recent interest rate cut.
We’ve had a very busy August so far as demand for our comprehensive range of surveys and property related services has continued to remain strong.
Sometimes, quite naturally, business can slow a little in August as people head off on holiday or place any plans on hold until September.
However, this August has seen the pace of growth continue unabated; perhaps Brexit, the interest rate cut and the economic climate may be playing a role.
An article by our director Ian Lee features in the Portsmouth News' Property Guide today. In the article, Ian underlines the value of getting a survey for your home, property or land as well as the importance of using a local professionally - ideally from the Portsmouth Property Association (PPA).
Ian, who is a double former Chairman of the PPA and Fellow of the Royal Institution of Chartered Surveyors (FRICS), is a regular contributor the Guide.
Latest research out today from Churchill Insurance revealed that a staggering SEVEN MILLION homeowners failed to get a survey before buying their property.
This is like playing Russian roulette with your future when purchasing a property is the greatest investment most people will make in their lifetime.
There has been a strong reaction from the Royal Institution of Chartered Surveyors (RICS) to the figures.
And we couldn’t have said it better ourselves, so here is their response in full from their UK Residential Director Andrew Bulmer:
Interest rates were finally cut yesterday – down from 0.5% to a new historic low 0.25%.
It’s the first cut since 2009 and it was accompanied by a package of additional measures to stimulate the UK economy, including a £100bn scheme to force banks to pass on the low interest rate to households and businesses.
Bank of England Governor Mark Carney has also signalled the possibility of a further cut later in the year.
Of course, it’s good news for anyone on a mortgage which tracks the base rate but another blow for savers.
Tomorrow is the Big Day – when the Bank of England’s Monetary Policy Committee (MPC) decides whether or not to cut interest rates.
Rates have remained at their historic low of 0.5% since 2009. Governor Mark Carney hinted in June that the Bank would cut rates to help counter any downturn following the Brexit vote.
However, the Bank defied market expectations of a reduction in its first post-Brexit rate decision in July, perhaps with some justification amid the economic and political volatility of the time.
An influential public sector body has issued a call for new measures to boost house building.
The Local Government Association (LGA) has urged the government to allow councils to resume their ‘historic role’ as housebuilders to supply desperately needed homes.
It wants the Government to let councils borrow money to invest in housing, keep all the money received from the sale of homes through the Right to Buy scheme and to use this and other funding to build through spin-off housing companies.
New figures have shown that economic growth was stronger than expected in the second quarter of this year.
According to the Office for National Statistics (ONS), the UK economy grew by 0.6% in the three months to the end of June.
The ONS said that GDP growth was stronger than expected – and up from 0.4% in the first quarter of the year from January to March.
Strong growth across services, particularly in the beleaguered retail sector, car production and pharmaceuticals all played major roles.
We’re stepping up our recruitment drive as we continue to expand across Portsmouth, Hampshire, London and the South.
As one of the leading firms of chartered surveyors on the South Coast, we’re seen demand continue to rise for our wide range of professional services.
We’ve recently welcomed new employees, from talented and promising trainees to skilled professionals with many years of expert experience.
We’re still looking to appoint more recruits of the highest calibre as we seek to move the business into its next phase of growth.
The Brexit vote has created opportunities as well as challenges for the UK economy and property and construction sector.
Homebuyers and investors may feel buoyed by some of the most competitive mortgage rates in history beginning to emerge.