Manchester Property News
Economic Forecasts
Tom Simper
Mar 17, 2023, 13:30 PM
Official forecasts released by the Office for Budget Responsibility expect the UK to avoid recession this year.
Interest rates are now expected to peak at 4.3% in the autumn (0.7% lower than had been forecast last November), while inflation is set to fall sharply to 2.9% by the end of the year.
House prices are still expected to settle below current levels. The OBR predict a 1.1% decline this year and a 5.7% drop in 2024, before average values rise by 1.1% in 2025, 3.4% in 2026 and 3.6% in 2027.
As part of the government’s Levelling Up agenda, funding was announced for 12 new investment zones across the UK, with additional monies to aid regeneration initiatives. This can be expected to support house price growth in these areas over the medium term. Source: Dataloft, 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