DAVY VIEW

This morning’s UK GDP data show a sharp 15% rebound in Q3 2020 but with the recovery still incomplete — it is down 9.6% on the year. Furthermore, the pace of recovery slowed through the summer and tighter COVID-19 restrictions will likely lead to a further contraction in Q4 2020. Meanwhile, the Royal Institution of Chartered Surveyors (RICS) survey still shows the UK housing market bubbling over, but estate agents are cautious on the 12-month outlook.