Glimmer of hope for housing
March 8, 2024
The latest for UK housing transactions shows some crumbs of comfort for manufacturers who rely on consumers moving home to boost "big ticket" sales such as flooring and furniture.
The latest headline figures from HMRC's Monthly Property Transactions Commentary make grim reading, the provisional non-seasonally adjusted estimate of the number of UK residential transactions in January 2024 is 68,090, 10% lower than January 2023 and 20% lower than December 2023.
January is always a poor month for transactions and the seasonally adjusted figures actually estimate of the number of UK non-residential transactions in January 2024 is 9,790, 1% higher than January 2023 - the first month-on-month increase since August 2023.
Yasin Patel, of property specialists Autarky Sukuk, said: “A month-on-month uptick in transactions is a clear indication that there is momentum for growth in the property industry.
“As inflation creeps down and interest rate rises hold off, there is an increased appetite to buy, and more mortgages are being offered by lenders. 2024 has the potential to be a positive year for buyers and sellers alike,” he said
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BUSINESS NEWS
The British Furniture Confederation (BFC), the public affairs umbrella body of furniture and beds, furnishings and flooring sector trade associations, has unveiled its new Plan for Growth. The document is said to support BFC’s advocacy across four key pillars: skills and education; trade and exports; standards and regulations; and the environment and circular economy. It has been developed over the past few months, the organisation says, evolving from a combination of position papers written by the associations’ executives and a comprehensive survey of their collective members.
Consumer card spending grew 1.0% year-on-year in February – lower than January’s 1.9% increase and less than the latest CPIH inflation rate of 3.9%, according to recent figures reported by Barclays. In anticipation of higher bills, consumers are said to be cutting back on essential outgoings, but still prioritising discretionary purchases, contributing to an uptick in optimism in the health of personal and household finances.
Kellars, which describes itself as the largest independent flooring wholesaler in the UK, saw another year of “substantial growth” to July 2024, according to its strategic report for the period. With six depots across the UK and a team of more than 100, the company has reportedly grown at a “rapid rate,” with the year leading up to July 2024 seeing a dramatic rise.
Victoria PLC, an international designer, manufacturer and distributor of flooring, today announces the planned appointment of Alec Pratt to the Group board as Chief Financial Officer Designate, who will replace Brian Morgan after three years’ service as Victoria’s Chief Financial Officer in June.
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GfK’s long-running Consumer Confidence Index increased by two points to -20 in February. All measures were up in comparison to last month’s announcement.
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Likewise Group, a UK flooring distributor, has announced the completion of its purchase of a freehold Logistics Centre in Ivybridge near Plymouth.
VAT and PAYE records from HM Revenue and Customs, compiled by The Furnishing Report, have revealed the number of flooring retailers with sales over £1m reached a record high in 2024.
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