UK Economic Growth in Q4 Feeble
The U.K.’s economic growth of 0.1% in the fourth quarter may have been pretty feeble, but since the country had earlier been expected to enter a recession, the fact that GDP figures were revised upward is something to celebrate, AJ Bell’s head of financial analysis Danni Hewson says in a note.
Households had their finances and savings bolstered by energy-support payments since October, along with substantially lower actual energy bills than they might have been thanks to the government’s cap, she says.
But this raises the question about whether the support would have been better spent on targeted help rather than available to all, Hewson says. Consumers spent less on both the real and virtual high street, but the services sector was given a boost by holiday bookings, she adds.
The market seems to be taking the largest annual drop in U.K. house prices since 2009 in its stride, with companies exposed to the property market largely flat or modestly higher, AJ Bell says, after building society Nationwide released data for March.
The seventh consecutive monthly fall in prices may be dispiriting, but the fact demand is under pressure isn’t news, AJ Bell investment director Russ Mould says in a market comment.
“As such, it has largely already been factored into the share prices of estate agents like Foxtons, house builders like Taylor Wimpey and property listings site OnTheMarket,” Mould says. #UK Economic Growth in Q4 Feeble
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