UK Economy Avoids Recession – What This Means for Property Buyers

The UK economy saw a slight 0.1% growth in the final quarter of 2024, according to the Office for National Statistics (ONS). This unexpected increase, driven by improvements in services and manufacturing in December, has eased immediate fears of a recession.

What Does This Mean for the Property Market?

• Interest Rates Stability? The Bank of England may hold off on further interest rate hikes if the economy remains steady, which could help mortgage affordability.

• Confidence Boost for Buyers & Sellers A growing economy, even marginally, can improve market sentiment, encouraging more property transactions.

• Caution Still Needed With the risk of a shallow recession still present, buyers should remain mindful of potential economic fluctuations.

Key Takeaway

While the UK economy narrowly avoided a downturn, property buyers should stay informed on market conditions. Keeping an eye on interest rates and economic trends will be crucial for making well-timed investment decisions.