Housing and wider economic outlook
Monitoring the outlook for various economic indicators gives us a good view on both the current and future direction of the housing market.
At the Bank of England March meeting the bank rate was held at 5.25% but the governor announced “We are on the way” to interest rate cuts. This aligns with consensus forecasts for the bank rate to be 4.4% by Q4 2024.
Better news on inflation is helping build the case for lower interest rates. The February inflation data showed a headline CPI rate of 3.4% from 4.0% a month before.
Consensus forecasts suggests inflation will be very close to the target rate of 2.0% by Q4 2024. Source: #Dataloft (https://inform.dataloft.co.uk/), HM Treasury Consensus Forecast, March 2024. Growth rates are annual average or Q4 v Q4.
What do Jukes Estate Agents Harlow think?
Housing and wider economic outlook
Jukes Estate Agents Harlow co owner Geoff Flewers says: “In the main the forecasts are looking healthier. I would remind everyone that back in October 2023, we were invited to take part in a webinar with the Bank of England. We reported their findings and to date, everything they told us as pretty much come true. Therefore, all of the figures above, we have already told you all were going to happen.”
What does the future really hold?
If you re visit our video (https://www.facebook.com/share/v/gGbgEv6v1BHJzZXp/?mibextid=KsPBc6), have a watch. It really is amazing how accurate the Bank of England have been to date!
Will it continue? Hopefully so!