UK inflation holding at 2.2% – Remains a Buyers’ Market

September 18, 2024

Commenting on UK inflation holding at 2.2% and how it remains a buyers’ market, Daniel Austin, CEO and co-founder at ASK Partners, said:

“Despite inflation remaining above the 2% target, which may concern investors and consumers, the property sector has shown remarkable resilience in recent months. There are encouraging signs, as various house price indices from August report steady growth, while transaction volumes remain healthy. These positive trends are vital against the backdrop of inflationary pressures. Interest rates tomorrow are now expected to hold steady, which could help reduce borrowing costs. Meanwhile, despite a rise in properties for sale, activity suggest we are still in a buyers’ market.

“Sustained above-target inflation will, however, likely keep development costs elevated, posing challenges for new projects. This presents a significant hurdle for the new government as it aims to stimulate construction and address the housing shortage. The Bank of England must navigate a delicate balance between reducing borrowing costs and managing inflationary pressures.

“As a lender to property developers and investors, we’ve seen firsthand the impact of rising rates and inflation volatility on borrowers. Nonetheless, the property market’s resilience has been a positive indicator despite these headwinds.”

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