By Rental market
At 3.8% UK rental price growth in the year to October is continuing on an upward trajectory. The ONS index based on both tenancy renewals and new tenancies hence the lower levels of growth than other rental indices.
Demand is set to outpace supply in the rental market for the foreseeable future as mortgage pressures impact the number of renters able to move into the owner occupation.
Economy
The Chancellors Autumn Statement announced widespread spending cuts and tax rises, many in the form of threshold cuts and freezes on current rates aimed to tackle inflation and escalating mortgage costs.
The UK economy is expected to shrink by 1.4% in 2023 but is expected to grow from 2024-2027. Inflation is expected to peak at the end of 2022 before falling back over the course of 2023 (OBR).
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