Weekly Economic and Construction Update – 2 December 2022

Weekly Economic and Construction Update – 2 December 2022

Date Published

2 December 2022

Document Type

Category

Author

TDUK
Summary

There were 58,977 mortgage approvals in the UK in October 2022 according to the Bank of England, which is 10.6% lower than in September and 15.1% lower than a year ago. They were also 9.9% lower than the average number of approvals between 2018 and 2019, pre-pandemic.

The number of mortgage approvals in October was also 11.0% lower than the average between 2014 and 2019. Looking forward, mortgage approvals are likely to fall double-digit over the next year as the fall in housing market demand particularly affects mortgage lending as a higher proportion of property transactions in 2023 are likely to be from cash buyers, who are unhindered by higher mortgage rates.

Nationwide highlighted that the outlook is uncertain will depend on how the broader economy performs but a relatively soft landing is still possible. Longer term borrowing costs have fallen back in recent weeks and may moderate further, especially if investors continue to revise down their expectations for the future path of interest rates.

Case studies

Today the museum has been updated and revitalized by Adam Richards Architects. One of the keys to its success is the incorporation of the cart lodge into the new plan; it has been converted into a new entrance to allow the museum to open directly onto the village green and is linked to the original museum, now refurbished, by two new buildings.

In 2019 an explosion of colour appeared on the sedate lawn of Dulwich Picture Gallery. It was the Colour Palace, a timber pavilion painted in exuberant geometric patterns and stripes in a kaleidoscope of zinging neon colours.