Property Investors Weekly News: 14/11/2022

Recession looms as UK economy starts to shrink

The UK economy shrank by 0.2% in the third quarter as households and businesses struggled with soaring inflation.

The Bank of England expects the latest figure to be the first step towards recession.

https://www.bbc.co.uk/news/uk-63582201

UK house prices set to fall ‘back to the level they were at in summer 2021’

The latest survey by the Royal Institution of Chartered Surveyors (RICS) shows that house prices in the UK grounded to a halt in October after more than two years of growth.

The net balance for house prices fell -2% in October, downfrom +30% in September, effectively ending a run of 28 months of house price growth.

https://propertyindustryeye.com/uk-house-prices-set-to-fall-back-to-the-level-they-were-at-in-summer-2021/

Average monthly rents in Great Britain have hit record high

According to Rightmove, the average rent for a property outside London is now £1,162 per calendar month. This figure is up 11% in a year, and by 3.2% since July 2022.

https://www.rightmove.co.uk/news/articles/property-news/rents-hit-record-high-oct22/

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