Bounce Back Britain – Economic Growth of 4.8% in Q2 2021

The latest figures released by the Office of National Statistics (ONS) have been extremely positive, with a 4.8% increase in the UK’s Gross Domestic Product (GDP) in Q2 2021.

This is the fastest growth rate of all of the countries within the G7, with the UK leading with accelerated growth as we come out of the COVID pandemic.

The ONS reported five consecutive months of growth, with 0.6% in May and 1% growth in June, showing strong signs of recovery to get back to the pre-pandemic levels. The Chancellor, Rishi Sunak commented, “Today's figures show that our economy is on the mend showing strong signs of recovery, thanks to our Plan for Jobs and successful vaccine programme. With the fastest quarterly growth rate among the G7 economies we have exceeded expectations, and I'm pleased to see the UK bouncing back.”

The figures are largely attributed to the reopening of the UK’s hospitality industry as lockdown restrictions have been eased in April and again in May. Another sector that saw huge levels of growth was health services as patients returned for non-COVID related health issues, accounting for a 5.1% increase in consumption in Q2.

The Deputy National Statistician for Economic Statistics, Jonathan Athow, commented, “The UK economy has continued to rebound strongly, with hospitality benefiting from the first full month of indoor dining, while spending on advertising was boosted by the reopening of many services. Health services also showed growth, with many more people visiting their GP.”

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2021 Forecast Property Price Increase Revised Up from 4% to 9%

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Forecast property price increases for the UK have been revised up by industry experts Savills, from 4% to 9% for 2021. Prior to this, Savills has predicted 0% growth for 2021.

Leading the way is the North West, with prices forecast to increase by 10.5% in 2021, up from 4.5% on the last forecast published earlier this year.

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Manchester Buy-to-Let Property Investment

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Manchester is the leading city in the North West of England for property investment, which in addition to high levels of price growth is also expected to see rental growth of 16.5% in the 5-years to 2025.

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Click here for further details on our latest Manchester buy-to-let property investments.