According to the latest EY UK region and city economic forecast, Reading is expected to be the fastest growing city in the UK over the next three years. The Berkshire city will deliver a GVA of 2.5%, outperforming the overall UK GVA of 1.5% during the same period.
The South East as a whole is forecast to grow faster than the rest of the UK, delivering average growth of 1.9%.
Reading growth led by digital
Reading tops the growth league tables for GVA and employment, with average annual rises of 2.5% and 0.9% until 2019. As the UK’s fastest growing sector, digital accounts for 25% of Reading’s GVA. This figure is much higher than in many other UK cities. The strength in digital, along with growth in key sectors such as ‘professional, scientific and technical’ contributes to Reading’s strong performance.
The outlook for other parts of the UK is more challenging. Slowest regional growth levels are expected in the North East, Scotland and Wales. These areas rely on different employment sectors such as accommodation, oil mining or the public sector. These industries have already suffered job losses or are expected to come under threat over the next three years.
Mark Gregory, EY’s chief economist commented: “This is our first region and city forecast since the EU referendum, but Brexit isn’t the only factor at play in these economic downgrades…. The changing UK landscape means that it is even more important to continue to monitor economic developments at the region and city levels and to include the potential implications of emerging economic, industrial and trade policy for all parts of the UK.”
Here at Check 4 Houses we are not surprised by these results. They underpin the continued strength of the South East region, despite the challenges of Brexit. Our local property markets of Reading, Fleet, Basingstoke and other major towns all remain strong due to an ongoing lack of supply. This means your property might be worth more than you think.
Thanks to our online approach we can sell your property from as little as £499+VAT. This could save you thousands when compared to standard agency fees. We offer:
- 24/7 national marketing
- Unlimited photos
- Accompanied viewings
- Personal contact from start to finish
- A price match guarantee*
Please contact us for a free, no obligation valuation on your home on 01252 819725 or email@example.com. We would be delighted to help.
*See website for full terms and conditions of our price match guarentee