12 Jul Darlington Property Market – July Update
It’s still early days following the General Election with only the most determined buyers out and about at the moment in Darlington.
The final GDP numbers for the first quarter 2017 have just been released. These confirm the level of economic growth was 0.2% over the quarter, only marginally lower than the provisional estimate. The annual rate of GDP growth now stands at 1.9%, which is remarkably resilient given the political and economic uncertainty. The service sector which represents close to 80% the UK’s economy had its slowest quarter in 2 years.
The UK residential market appears to be adjusting to a new norm of lower transaction levels. Transaction levels at their peak in 2007 were 1.6 million per annum. This sunk to 860,000 in 2009 and whilst levels have since recovered, the current level of 1.2 million per annum is still 25% below the prior peak.