This article concerns the UK housing industry´s current trends. The UK’s property market is buzzing with activity as the Bank of England considers rate cuts. Research by Greycoat Real Estate shows that inflation has fallen to 3.2% – the lowest level since September 2021. 

However, this is still higher compared to the 3.1 drop predicted by economists during surveys and research. This makes the government’s goal of bringing inflation down to two percent realistic. Greycoat Real Estate expects inflation to drop further below the 2% target in April potentially. 

This is after electricity bills and household gas fell to the lowest level since 2021, Greycoat informs. It will be the first time people will experience normality without fear of price hikes since the Covid-19 pandemic. As the Bank of England meets in May, the imminent interest rate cut is expected to trigger activities in the housing market. 

This comes as welcome news, considering spring is among the busiest seasons in the housing market. In addition, Greycoat agency explains, the UK’s job market is feeling the strain of an unstable economy, with the unemployment rate rising to 4.2%. 

Additionally, the unemployment-to-vacancies ratio rose to 1.6 as job opportunities dwindled, Greycoat shares. Furthermore, the whole pay growth has also remained high, but the good news is they are now falling to reasonable levels. This will be the key contributor when the Bank of England decides on base rate cuts. With the inflation rate edging to 2%, the UK’s GDP growth will be the highest compared to other major Western economies.