Manchester Property News
Autumn Statement 2022
Tom Simper
Nov 17, 2022, 16:00 PM
The Chancellor pledged to face the economic storm, as he announced widespread spending cuts and tax rises in his Autumn Statement on 17th November 2022, to tackle inflation and escalating mortgage costs.
In the short term GDP is likely to shrink by 1.4% in 2023 but then, due to the new measures being taken, is expected to grow by 9% by the end of 2027.
The expected 9% increase in house prices this year is likely to be countered by a fall over the course of 2023-24 but price growth is set to resume in 2025.
Mortgage rates are now expected to peak at 5%. The steps taken have been made to protect long-term economic growth and rebuild the UK economy, which is now officially in recession. Source: Dataloft, UK Government, Office for Budget Responsibility
About The Blog
This Blog looks at what is happening in Manchester, the property market, events and community news along with investment ideas and tips for those loosing to invest in the area.
Tom Simper - Editor
Manchester is one of the fastest growing markets in the country. If you need any assistance buying, selling or letting properties in the area we have over 30 years of experience and local knowledge to help.
T: 0161 441 0563
E: [email protected]
Leave a comment