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Trade & Economy
Despite the recent downturn in the Eurozone, Britain remains a trading juggernaut and the world’s largest financial centre alongside New York, with a GDP of $2.3 Trillion or $36,941 per capita. Its GDP growth beat the rest of the G7 in the second quarter of 2014 (Figure 1). [/vc_column_text][vc_single_image image=”15636″ img_size=”full”][vc_column_text]Figure 1: GDP growth projection
Source: IMF World Economic Outlook Update July 2014
Education remains a huge driver of the British economy; its higher education sector is worth over £73 billion. British education ranks 6th in the global education league, ahead of Canada, Germany, France and the US according to the Economist Intelligence Unit.
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Housing climate
Britain maintains a strong housing climate, with property prices having registered continuous growth over the last three decades (Figure 2). While London has commonly led the way in property price increase, prices in other parts of UK have noticeably peaked. The UK housing market is expected tomaintain its growth momentum as the economy corrects, as well as following the full launch of the government’s Help to Buy scheme in 2013;and as foreign investments continue to increase amid the housingdemand-supply mismatch.[/vc_column_text][vc_single_image image=”15641″ img_size=”full”][vc_column_text]Figure 2: London vs UK Property Prices
Source: Nationwide Building Society, 2014
2014 charted recovery across the UK housing market, with a 6% increase in prices across the country, bringing the average value to £268,895.[/vc_column_text][/vc_tab][vc_tab title=”House Prices in 2015″ tab_id=”1428561547836-2-5″][vc_column_text]
House Prices in 2015
Housing prices are expected to rise this year. Halifax has reported an increase of between 4% – 8%, while Savills and Knight Frank have predicted a rise of 6.5% and 7% respectively. Savills reports that, having experienced the strongest price growth, London property will flatline next year with a five-year price growth totally just 10.4%.
The Royal Institution of Chartered Surveyors expects the North West, South East, West Midlands and Yorkshire and Humberside to see the largest rises in property prices at 5%, while in London, prices will be stagnant.
Chief UK and European economist Howard Archer says price rises will be driven by recent reforms to stamp duty, which will cut tax for majority of buyers, high and rising employment, earnings growth and low mortgage rates (Figure 3).
UK’s Treasury forecaster, the Office for Budget Responsibility expects prices to rise by 7.4%, with house prices expecting to increase by a total of 31.4% by the first quarter of 2020. [/vc_column_text][vc_single_image image=”15643″ img_size=”full”][vc_column_text]Figure 3: UK Lending Rates[/vc_column_text][/vc_tab][/vc_tour][/vc_column][/vc_row]
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