The UK housing market has stuttered in the wake of last month’s Winter Budget, with potential buyer enquiries falling at their fastest rate in two years. According to a survey by the Royal Institution of Chartered Surveyors (RICS), buyer interest slipped from -24% in October (hardly going gangbusters already) to -32% in November. Just as the briefing chaos in the lead-up to the Budget almost ground the economy to a halt…
RICS chief economist Simon Rubinsohn said:
“The housing market has been struggling for momentum for several months, and the recent budget announcements are unlikely to materially shift that picture… The ending of budget-related uncertainty is welcome, but the fundamental challenges of affordability and elevated borrowing costs will in all probability keep activity subdued in the near term.”
A polite way of saying ‘the mayhem in the Treasury totally screwed the market’…
Speaking to Sky News off the back of Rachel Reeves’ Air Passenger Duty hike, Ryanair chief executive Michael O’Leary said:
“Labour is dependent on those Red Wall seats, and yet every move she makes poisons economic growth and damages the UK’s recovery… it’s the Chancellor who stumbles from policy misstep to policy misstep… I think her policy decisions are incredibly stupid.”