Liverpool Property News
Spring Statement: Key Takeaways
The Chancellor warned that the global economic outlook is 'challenging' in his Spring Statement. The OBR has lowered its economic growth forecast to 3.8% this year, down from the 6% forecast in October.
Property price growth is expected to outperform economic growth this year, averaging 7.4% over 2022, before slowing to 1.3% in 2023. No price falls are predicted over the next five years.
Wage growth is forecast to be in the region of 5.2% in 2022, higher than average. However, inflation is expected to average 7.4% and not return to below 2% until 2024.
Measures taken to tackle rising costs include: a 12-month cut in fuel duty, an increased National Insurance threshold and 0% VAT on energy-efficient equipment. Source: Dataloft, UK Government, Office for Budget Responsibility (OBR)
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About The Blog
This Blog looks at what is happening in Liverpool, the property market, events and community news along with investment ideas and tips for those loosing to invest in the area.
Gill Bell - Editor
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