If 2016 was the year of shock political announcements, 2017 was set to be the year of transition for the UK economy.
The EU referendum result in June last year was a profound and historic event signifying the beginning of a new era in British politics, and one that would have an enduring impact on all sectors of the economy, not least of all the property market.
In the ensuing months, the country witnessed the resignation of David Cameron and appointment of Theresa May as Prime Minister, as well as the base rate of interest being set to a record low 0.25% by the Bank of England. Yet the economy proved resilient, becoming the fastest growing G7 economy in 2016.
At the beginning of the year, the outlook for 2017 was positive – the IMF increased its UK growth forecasts from 1.1% to 1.5% as a result of strong business and consumer confidence. Now, nearly 12 months later, the question beckons – was 2017 a year of progress for the economy and the property market in general, or do the same issues and questions hang overhead? Has the country successfully transitioned since the Brexit vote, or is uncertainty still inherent across the country? And what do the events of the past year mean as we head into 2018?
To answer these pertinent questions, MFS has released a new report reviewing the key economic and political trends of 2017 and their impact on the property market. Drawing from the expertise of MFS’ team of bridging specialists and our market-intelligence research, the report also discusses what property investors need to be aware of over the coming 12 months.
Click here to download a copy of MFS’ end of year report.