Phoebus reaction to May GDP figures

16 July 2026

Richard Pike, sales and marketing director at Phoebus Software, to this morning’s May GDP figures:

“Following April's decline, it's encouraging to see the economy return to growth in May, even if the increase is modest at 0,1%. The reality is the UK remains in a low-growth environment and periods of expansion and contraction are likely to alternate over the coming months.

“While no one should get carried away by a single month's data, positive growth helps support confidence among consumers and businesses.

“If the economy can maintain a steady, sustainable growth path, that should gradually feed through into higher transaction volumes, greater market confidence and increased investment in new housing supply. For a housebuilding sector that has faced a number of challenges in recent years, any evidence of improving economic stability will be welcomed.

“We’ve got a new PM waiting in the wings and we’re eagerly awaiting more detail about his polices. Some people are talking about a ‘Burnham Bounce’ so it will be interesting to see what impact he, and a potential new chancellor, will have on the economy.”