Our latest view on the outlook for the UK economy and commercial property market.
Political uncertainty continues to dominate the UK economic outlook with the direction of Brexit now dependent on the outcome of another General Election. This comes as the parliament refused to ratify the reworked withdrawal agreement ahead of 31st October. Consequently, the Brexit deadline has once again been pushed further down the road to 31st January 2020.
UK GDP returned to growth in Q3 increasing by 0.3%, up from the 0.2% contraction during Q2. GDP growth was predominantly driven by growth in the service sector, particularly in July.
GDP outlook for 2019 remains subdued at 1.2% for this year, reducing to 1% in 2020 amid persistent Brexit uncertainty and a less favourable global outlook with ongoing global trade tensions and a slowdown in the global economy potentially adding further stress to the UK economy.