August presented a mixed picture for the economy and property market. Economic growth proved stronger than expected and wage growth remained positive, but inflation ticked higher as energy costs increased, while consumer spending and hiring activity remained subdued amid ongoing cost pressures.
The housing market continues to show signs of caution, with affordability concerns and higher mortgage costs weighing on activity. House prices are still recording modest annual growth, although regional performance remains varied, while the construction sector has yet to regain momentum. Government reforms to the Right to Buy scheme have also been announced as part of efforts to protect social housing stock.
For a fuller look at the latest economic developments, market movements and property trends, please click the links below to read the complete Economic Review and Residential Property Review.