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Over £3.8 billion of taxpayer money has been saved by the Crown Commercial Service (CCS) in the last year alone, as the agency celebrates its 10th anniversary this year.

Figures from the Office of National Statistics (ONS) show gross domestic product (GDP) rose by 0.1% in February, but despite positive indicators experts have warned ‘challenges still persist.’

 January 2024 was potentially one of the wettest starts to a new year that has been experienced for a while. Conditions had major effects on construction and retail, but deposit this, new ONS data shows GDP increased by 0.1% in February, matching City economists’ forecasts and extending a recovery after growth in January was revised up from 0.2% to 0.3%. 

Commenting on the news, Liz McKeown, ONS director of economics statistics, said: ‘The economy grew slightly in February with widespread growth across manufacturing, particularly in the car sector. Services also grew a little, with public transport and haulage and telecommunications having strong months.

‘Partially offsetting this there were notable falls across construction as the wet weather hampered many building projects.’

In addition to the data showing a growth last month, the latest figures also highlight the rise of 0.1% over the last three months to the end of February. This is the first time this has happened since last summer, with activity recovering from a slump last year as households cut back on spending amid the cost-of-living crisis.

However, Douglas Grant, group CEO of Manx Financial, has warned that despite a positive increase, individuals and businesses are still set to face financial difficulties.

He said: ‘The most recent GDP figures in the UK serve as a stark reminder that despite certain recent positive indicators, challenges still persist. This underscores the importance for SMEs to seize this moment to reassess their existing lending arrangements and strengthen their positions.

‘The data is reflective of separate research conducted by Manx Financial Group that reveals a significant shift in the financial landscape for SMEs. In contrast to the previous survey, where only 25% faced challenges, the current findings indicate that two out of five SMEs are now grappling with operational slowdowns or halts due to a lack of external financing.

‘The survey also underscores that 15% of SMEs seeking external finance or capital are unable to secure the necessary funds. These financial constraints, coupled with a potentially unprecedented and volatile environment marked by ongoing conflicts, multiple elections, a tightening labour market, and persistent cost-of-living challenges, pose obstacles to the prospects of SMEs and national economic growth.’

In addition to SMEs struggling, the research from the ONS shows that construction output collapsed by 1.9% on the month as heavy rainfall forced cranes to sit abandoned on building sites. The UK’s dominant services sector, which makes up about four-fifths of the economy, also struggled. Figures show the sector only grew by 0.1% in February amid weaker activity in retail and wholesale distribution.

John Glencross, CEO and Co-Founder of Calculus, said: ‘Following a surprise contraction in UK GDP at the end of last year, today’s data signals small consistent steps back towards growth for the economy. The slight growth seen in the second quarter indicates that the UK is steadily emerging from a relatively short recession in record time.

‘As we observe where the economy will head in Q2 and beyond, now more than ever we need to support UK smaller businesses, which ignite growth, increase employment, and drive innovation.’

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An application to build up to 100 new homes on land east of Spitfire Road in Clane has been refused due to infrastructure concerns.

Robert Hitchins, a family-owned property company, submitted the application in 2022 to create ‘much needed housing in Calne’ however, Wiltshire Council denied planning permission after they found the proposal was contrary to multiple polices in the Wiltshire Core Strategy.

The application remarked: ‘The overarching vision is to create a distinctive development with a strong identity that responds to the local character of the site, its position close to newly build development and environmental context to deliver a new development appropriate to its location and setting.

‘The proposed development will create much needed housing in Calne in a sustainable location whilst improving public access across the site and to the wider pedestrian and cycle network.’

However, Calne Town Council and Calne Without Parish Council have expressed their concerns about the development of the new homes, particularly the location of them and their impact on local services.

The town council said: ‘The level of recent development in Calne has left a serious issue with infrastructure in the town and this application will worsen the situation.

‘Specifically, there is real concern that no additional doctors and dentists have been provided to address the additional housing numbers and residents are already experiencing issues in accessing medical and dental provision in the town and that this proposed development will only worsen this already very serious situation.’

Against this backdrop, 13 further representations were received, with residents raising issues such as the potential traffic congestion and loss of greenfield.

Wiltshire Council also discovered that the plans were contrary to multiple policies in the Wiltshire Core Strategy and denied planning permission for the development.

The case officer report said: ‘Issues of noise, odour and dust impacts arising from the immediate neighbour at Abberd Fields Farm have not been appropriately considered and addressed, resulting in a maintained objection from the Public Protection Officer.’

Overall, it was concluded that problems the development was causing outweighed the benefits, ‘particularly in light of the fact that the council can at the current time, demonstrate sufficient supply of housing land.’

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According to knight frank’s 2024 Single Housing Family (SFH) report, investment into the properties soared by £1.9bn last year as investors acquired or funded the development of over 6,200 rental homes.

Launched yesterday, the report found that the amount of money that has been invested into SFH represents a fivefold increase compared to the £388m committed in 2022.

Overall, SFH investment accounted for more than 40% of all Build to Rent investment in the UK last year, with the remainder targeting multifamily apartment schemes and co-living.

Jack Hutchinson, a partner in the residential investment team at Knight Frank, said: ‘The single-family housing sector is experiencing a period of significant growth, as evidenced by a fivefold surge in investment volumes in 2023, reaching £1.9bn, compared to the previous year.

‘Despite an improving sales market forecasted, we fully expect this trend in increased investment volumes to continue into 2024 and beyond, thanks to a growing weight of capital attract to the sector by its strong fundamentals. In addition, developers and housebuilders are becoming more comfortable with the concept of incorporating single family housing into their wider sales and marketing strategies, which is helping to accelerate delivery of much needed housing.’

Whilst speaking with investors who are currently interested in SFH, Knight Frank, a global real estate consultancy and estate agency, discovered that together they plan to commit £17bn of capital to the SFH sector within the next five years.

Against this backdrop, the consultancy have said that if patterns continue, SFH rental units in the UK will almost triple from the current level of 26,575 homes.

Oliver Knight, Head of Residential Development Research at Knight Frank, added: ‘Our research provides clear evidence of the opportunities for single family rental housing to play a key role in addressing the UK’s housing shortage, particularly for families. The geographic distribution of the sector is broadening as institutional investors increasingly eye suburban markets across regions like the East of England and West Midlands to deploy capital at scale.’

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An independent review has recommended that funding methods for Homes England should be rethought and they should grow closer with local authorities.

Since the cost-of-living began squeezing budgets, various government organisations, including Homes England – the government’s housing and regeneration agency that was founded in 2008 – have come under fire. However, findings from a new review, which is part of the Cabinet Office’s public bodies review programme, have claimed that the government organisation should have ‘closer’ relationships with councils to ensure projects that require urgent attention are prioritised.    

Tony Poulter, a non-executive director for the Department of Transport, who led the review, told the Local Government Chronicle that the Department for Levelling Up, Housing & Communities (DLUHC) must ‘determine the balance’ between Homes England’s role in regeneration and housing delivery.

Tony said: ‘If you want to do more regeneration and placemaking, in the short term, it might mean slower housing delivery.’

As part of the government’s levelling up agenda, Homes England has a series of priority places for regeneration work, however, to ensure schemes run smoothly, Tony claims that the ‘DLUHC needs to coordinate better with Homes England to make sure that they aren’t tripping up over each other.’

Mr Poulter referenced the incident that occurred in 2023, when Homes England faced backlash after they were forced to return funding to the Treasury.

Against this backdrop, the review, of which the findings were published earlier in the week, also proposed changing Homes England’s funding arrangements so it can ‘commit to large, long-term schemes’.

Likewise, authorities have suggested the government allow Homes England to ‘take more risks at some points in the economic cycle [which could increase] additionality and impact.’

In response to the review, Peter Denton, chair of Homes England, said: ‘Much of this work is already happening. Other recommendations will require changes in partnership with the DLUHC and Treasury, but if progressed could be transformational in how we deliver new homes and create thriving places.

‘While there is much to celebrate, we are steadfast in our resolve to always to improve, ensuring that we are effective and efficient in driving forward the country’s housing and regeneration ambitions.’

In addition, Michael Gove, remarked: ‘[The] independent report shows Homes England is the right vehicle to deliver more affordable homes and support our plans to regenerate towns and cities across the country.’

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