It may be hard to predict where UK housing market has been treading to, according to the investigations made by bespoke kitchens in Glasgow. A report submitted by PwC revealed that in the month of July, a worrying picture has been on the cards for Scotland. The report was submitted after the predictions suggested that Scottish economy and housing market would be taking a significant toll following the depreciation in business investment along with weaker confidence in the consumer. The major reason cited for the aforementioned issues has been the uncertainty following the Brexit vote.
Scotland could avoid recession
The report also predicted that Scotland would be able to raise its GDP growth by 1.2% in the present year. Furthermore, Scotland would be able to enhance its growth by 1.1% in the coming year. It has been taken in a positive stride, as it would imply the nation avoiding the impact of recession. Nonetheless, the growth in Scotland GDP would be relatively below the average UK GDP growth, as predicted by the reports. However, a decent growth of 1.5% in the present year and 1.4% in 2018 has been predicted to UK. On the other hand, Wales could witness a growth of 1.2% in 2017, followed by 1.2% growth in 2018.
Best growth for London compared to other regions
In the present year, reports have revealed best growth expected for London as compare to other regions. It would witness approximately 1.5% rise in 2017, followed by 1.4% in the following year 2018. However, the concerns should be focussed on the growth of wages, as numerous have been offsetting the limited growth via enhanced borrowing in the region. It might have a huge impact with the interest rates rising along with downturn in employment rate. However, according to experts, it would be too early to predict how Brexit would affect the UK housing market in the coming years.