Phoebus comment on latest GDP figures

15 January 2026

Richard Pike, chief sales and marketing officer at Phoebus Software:

“Today’s figures provide some much-needed good news for the economy as it returned to growth in November, after showing no growth for the previous three months. A 0.1% increase in GDP won’t set the world alight but at least the UK economy is moving in the right direction.

“The bad news for the housing market is that construction output fell by 1.1% in November, with the lowest three-monthly reading since March 2023. With housebuilding activity taking a sharp downturn at the end of last year, we have to hope that client confidence returns in 2026 so construction companies can start building again.

“Looking ahead, the Office of Budget Responsibility downgraded its growth forecast for the UK in its most recent outlook but still predicts modest growth of 1.5% over the next three years. With rates coming down and affordability improving, we are optimistic the housing market could be a key driver for growth over the coming months.”