Economy

The UK economy grew by 0.7% in 1Q24, reversing the technical recession registered in the 2H23. Looking forward, consensus is for a 0.3% quarterly growth to the end of 2025, stabilizing at 1.4%p.a.

Inflation has also come down substantial, with the Consumer Price Index now trending closer to the 2%p.a. target of the BoE, down from the 6.7%p.a. recorded in 3Q23.

Expectation of a reduction of interest rates have increased, with the first cut of 0.50% expected in 3Q24, followed by further reductions to 3.7% by 3Q25.

UK Multifamily Update - 1H24

London House Prices

The elevated level of interest rates has taken a tall on London House prices, with the average home decreasing 1.85% this year, and 5.68% from the beginning of 2023. The favourable outlook for interest rates for the remainder of the year and into 2025 should prove more supportive for London house prices.

UK Multifamily Update – 1H24

Rental market continues to be strong due to the chronic shortage of housing, with rents up 7.44% and 11.75% respectively from the beginning of 2023 and 2022.

For a more detailed commentary about the UK Housing Market and the Built to Rent Market, see attached research from savills.

 

Chancery Lane

Currently we are fully focussed on the acquisition of 116-118 Chancery Lane which inshallah should close this week or early next week.

 

Important Links

UK Housing Market Update July 2024

Spotlight – Investment in UK Operational BTR

Contact our team

For more information or to speak with our Investor Relations Team at +9714 363 5600 or +9714 424 2700

Prices and Dividends – May 2024

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