The Grey Owl All-Season Strategy’s objectives are to minimize drawdowns, outperform short-term bonds by several hundred basis points each year (i.e., beat “cash”), and participate meaningfully in risk-on rallies. For the full year 2025, GOAS returned +11.4% and met each of these objectives.
We are particularly pleased with the strategy’s 2025 performance given how the year began. While the popular “Magnificent 7 (MAGS)” group of stocks declined roughly -30% from its December 17, 2024 peak to the April 8, 2025 low 1 , the Grey Owl All-Season (GOAS) portfolio was down less than -3% at its worst point in early April. The rebound that followed was rapid, and the year ultimately proved strong for most risk assets. GOAS managed risk during the drawdown and then repositioned to participate as conditions turned risk-on.
A few specifics below on the present environment and our current positioning, but first a more detailed review of the performance of the “primary” asset classes. 2
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For the full year 2025, gold gained +63.7%, global equities rose +22.4%, U.S. equities followed closely at +17.7%, commodities increased 5.9%, and long-dated U.S. Treasury bonds returned +4.3%.
During the fourth quarter of 2025, precious metals continued to shine, with gold up another +11.5%. U.S. equities gained +2.7%, while global equities performed slightly better at +3.3%. Commodities were essentially flat, up +0.4%, and long-dated U.S. Treasury bonds declined -1.0%. Over this period, GOAS delivered a respectable +2.4% return.
As 2026 gets underway, a more dramatic shift may be developing. In 2025, technology and growth outperformed the broader market (i.e., the Nasdaq beat the S&P 500, finishing up +20.8%), while small-capitalization stocks lagged, ending the year up +12.7%. 3 That dynamic has changed meaningfully during the first three weeks of 2026.
As of the close on January 23, 2026, the “Magnificent 7” group was down -3.6% from its October 29, 2025, high and -0.5% year-to-date. In contrast, small-capitalization equities and commodities are significantly outperforming, up +7.6% and +7.4% year-to-date, respectively. GOAS is aligned with these prevailing conditions and is up +5.3% through January 23, 2026.
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In short, our diversified, risk-managed approach delivered solid double-digit returns in 2025 while avoiding major drawdowns during early-year volatility. Today, we are positioned for meaningful economic growth in the U.S. and much of the rest of the world. We believe conditions now favor cyclical outperformance and a broadening of equity participation. That means overweight exposure to commodities and smaller-capitalization equities. As the charts below indicate, this phase may only persist through the first half of 2026. For now, that is the prevailing condition regardless of how long it lasts. We are prepared to adjust as conditions evolve.
Economic Growth
Hedgeye’s real GDP projection model shows a reacceleration in growth gaining significant momentum in the first quarter and continuing through much of the second quarter. As growth has accelerated, cyclical equities and commodities have outperformed. While this acceleration continues, we expect risk assets to continue performing well.
Figure 1 – GDP Projections
We use two distinct models to forecast the YoY growth rate of Real GDP and the combination of the two allows us to develop both a highly accurate real-time assessment of near-term economic momentum, as well as a high-probability scenario for where growth is likely to trend over the NTM.
Intra-quarter, we employ a stochastic nowcasting framework that anchors on nonlinear interpolation to relay rate of change signals from the individual features of the dynamic factor model to the base rate. In out-quarters where high-frequency data has yet to be reported, we employ a Bayesian Inference process that adjusts each of the preceding forecasted base rates inversely and proportionally to changes in the base effects.
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All told, our US GDP nowcast model has an average absolute forecast error of 55bps and an 85% success rate in terms of accurately projecting the rate of change of GROWTH.
Economic growth is accelerating, which historically supports risk assets—particularly cyclical equities and commodities.
Inflation
Inflation expectations have been decelerating for several quarters, as evidenced by the five-year breakeven spread—often referred to as “the market’s” inflation forecast.
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Figure 2 -5-Year Breakeven
Hedgelye’s CPI model corroborates this trend, projecting continued disinflation through the second quarter of 2026, followed by only a modest seven-basis-point increase in the third quarter. Combined with accelerating growth, this backdrop is favorable for risk-taking.
We use two distinct models to forecast the YoY growth rate of Headline CPI and the combination of the two allows us to develop both a highly accurate real-time assessment of near-term inflation momentum, as well as a high-probability scenario for where inflation is likely to trend over the NTM.
Intra-quarter, we employ a stochastic nowcasting framework that anchors on nonlinear interpolation to relay rate of change signals from the individual features of the dynamic factor model to the base rate. In out-quarters where high-frequency data has yet to be reported, we employ a Bayesian inference process that adjusts each of the preceding forecasted base rates inversely and proportionally to changes in the base effects.
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All told, our US CPI newcast model has an average absolute forecast error of 36bps and an 85% success rate in terms of accurately projecting the rate of change of INFLATION.
A key driver of lower inflation has been the price of oil—one of the few major commodities not yet firmly in a bull market.
Figure 4 -US Crude Oil Spot
WTI). The chart shows a candlestick price history from 2018 to 2026. A red trendline is drawn across the chart, showing a general downward trend. The current price is $61.025 as of 06/30/19. The y-axis represents price in USD from 10.000 to 130.000. The x-axis shows time from 2018 to 2026. The chart includes technical indicators and a volume bar at the bottom.” width=”640″ height=”446″ loading=”lazy” srcset=”https://static.seekingalpha.com/uploads/2026/2/4/542689-1770260573389652_origin.jpg?io=w640 640w,https://static.seekingalpha.com/uploads/2026/2/4/542689-1770260573389652_origin.jpg?io=w480 480w,https://static.seekingalpha.com/uploads/2026/2/4/542689-1770260573389652_origin.jpg?io=w320 320w,https://static.seekingalpha.com/uploads/2026/2/4/542689-1770260573389652_origin.jpg?io=w240 240w” sizes=”(max-width: 767px) calc(100vw – 36px), (max-width: 1023px) calc(100vw – 180px), 552px”>
Inflation pressures remain contained, creating a favorable backdrop for risk-assets.
Broadening US Equity Market
While the broader macro environment—accelerating real growth alongside disinflation—is critical to the rally’s expansion, sector-level dynamics are also playing an important role. Mega-capitalization technology companies are now facing more difficult year-over-year comparisons, as cycle-peak artificial-intelligence capital expenditures may be behind us, pressuring both revenue growth and margins.
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The opposite is true for much of the rest of the market, particularly smaller-capitalization and cyclical businesses. With easier comparisons to last year, both revenues and margins are improving.
Hedgeye data show that while S&P 500 earnings are expected to continue growing, a greater share of that growth is coming from the “other 493” stocks.
Figure 5 – Earnings Projections
Market leadership is expanding beyond mega-cap technology, increasing opportunity across smaller and more cyclical companies.
Market Signals
Last quarter we wrote:
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Market internals also point to change beneath the surface. While large-cap indices hit new highs in the third quarter, participation was narrow—signs of enthusiasm were limited. In October, that pattern began to broaden as Buying Power improved and Selling Pressure eased. With Buying Power still stronger overall, we do not see a shift toward a risk-off environment. Instead, the data suggest equity markets are transitioning as investors respond to—and anticipate—changes in growth and inflation, opening the door for new leadership among sectors and styles.
That improvement and broadening has continued. Selling Pressure is receding, and Buying Power shows further signs of strengthening.
Figure 6
More granular market data look even better. Lowry’s writes:
While many investors and the financial media are focused on the cap-weighted price indexes, the Lowry Analysis is predominantly centered on the full market on an equal weighted basis, which is dominated by smaller stocks. The reason for this is simple: the greater the number of stocks participating in a market advance and displaying promising Demand trends, the more difficult it is for sellers to take control of the market. While such features do not make the market impervious to pullbacks, recent evidence continues to mount in favor of a broad and durable advance. Still, we would like to see these improvements reflected in our longer-term measures of market health to solidify our conviction in the bulls further.
In their most recent weekly report, Lowry’s emphasized the dramatic increase in the percentage of stocks within 2% of their 52-week highs.
Figure 7
Explaining the chart, Lowry’s wrote:
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One method to view how many stocks are carrying the performance load within the market is our measure of Demand intensity, or the Percent of OCO1 Stocks At or Within 2% of 52-Week Highs. This is one of the more sensitive indicators in our suite, and on January 15, it reached a one-year high of 33.36%. While this was an impressive development, the indicator moving above its multi-month range is perhaps even more important. It essentially reflects a change in character within demand intensity from good to great, as the OCO Index is dominated by smaller stocks. The more stocks that reach new highs, the stronger the market’s constitution ultimately becomes.
Market internals support the case for a broader, more durable advance.
Current Positioning
Our current portfolio remains balanced within an all-season framework but is more aggressive than when we last reported in October 2025. Since last quarter, we have increased exposure to U.S. small-capitalization equities, expanded global equity exposure—particularly in emerging markets—and added to precious metals and commodities. Fixed income and cash allocations declined from 28% to 16%.
Figure 8 – GOAS Allocation
This positioning maintains meaningful protection against inflation or market stress while remaining tilted toward growth. This balance—rooted in our all-season philosophy and adjusted for present conditions—reflects our core belief: don’t try to predict the future; position with prevailing conditions while diversifying to enable success across many possible futures.
The portfolio remains balanced but is intentionally tilted toward growth.
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As always, if you have any thoughts regarding the above ideas or your specific portfolio that you would like to discuss, please feel free to call us at 1-888-GREY-OWL.
Sincerely,
Grey Owl Capital Management
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Grey Owl Capital Management, LLC
This newsletter contains general information that is not suitable for everyone. The information contained herein should not be construed as personalized investment advice. Past performance is no guarantee of future results. There is no guarantee that the views and opinions expressed in this newsletter will come to pass. Investing in the stock market involves the potential for gains and the risk of losses and may not be suitable for all investors. Information presented herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security. Any information prepared by any unaffiliated third party, whether linked to this newsletter or incorporated herein, is included for informational purposes only, and no representation is made as to the accuracy, timeliness, suitability, completeness, or relevance of that information.
The stocks we elect to highlight each quarter will not always be the highest performing stocks in the portfolio, but rather will have had some reported news or event of significance or are either new purchases or significant holdings (relative to position size) for which we choose to discuss our investment tactics. They do not necessarily represent all of the securities purchased, sold or recommended by the adviser, and the reader should not assume that investments in the securities identified and discussed were or will be profitable. A complete list of recommendations by Grey Owl Capital Management, LLC may be obtained by contacting the adviser at 1-888-473-9695.
Grey Owl Capital Management, LLC (“Grey Owl”) is a Virginia registered investment adviser with its principal place of business in the Commonwealth of Virginia. Grey Owl and its representatives are in compliance with the current notice filing requirements imposed upon registered investment advisers by those states in which Grey Owl maintains clients. Grey Owl may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. This newsletter is limited to the dissemination of general information pertaining to its investment advisory services. Any subsequent, direct communication by Grey Owl with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Grey Owl, please contact Grey Owl or refer to the Investment Adviser Public Disclosure web site ( www.adviserinfo.sec.gov ).
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For additional information about Grey Owl, including fees and services, send for our disclosure statement as set forth on Form ADV using the contact information herein. Please read the disclosure statement carefully before you invest or send money.
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Authorities told FOX Business Wednesday that a Delta Air Lines flight was forced to turn back Tuesday after an engine issue was detected shortly after takeoff in Texas.
Fire department officials confirmed that crews reported smoke coming from one of the aircraft’s engines.
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Delta Air Lines said flight 1676 took off from San Antonio International Airport in the morning and was headed to Hartsfield-Jackson Atlanta International Airport in Georgia.
After crews reported the engine issue, the Airbus A320, carrying 136 passengers and six crew members, returned to the airport and landed safely.
A Delta Air Lines passenger jet taxis after landing at San Antonio International Airport in Texas. (Robert Alexander / Getty Images)
According to FlightAware, the passenger jet was in the air for roughly 20 minutes before landing back at around 11:15 a.m. People reported.
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“As safety comes before all else, Delta flight 1676 returned to San Antonio after the crew received an indication of a potential engine issue after takeoff,” a Delta Air Lines spokesperson told FOX Business.
A Delta Air Lines Airbus A350-900 passenger aircraft flies after takeoff. (Getty Images)
The San Antonio Fire Department (SAFD) told FOX Business that it received a report of “smoke coming from an engine.”
While the department said it initially dispatched extra crews outside the airport as a precaution against a potential aircraft fire, on-site fire crews “assessed the plane with no reported negative findings.” The additional response teams were canceled before they ever arrived, SAFD added.
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The Federal Aviation Administration (FAA) confirmed that the plane safely returned to the airport, and the SAFD said that there were no injuries or other incidents.
Delta Air Lines added that, as a safety precaution, the flight crew declared an emergency to ensure priority handling with Air Traffic Control.
Airport spokesperson Tonya Hope clarified that the incident, however, “was NOT an emergency landing.”
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“The flight landed at SAT safely and all passengers departed the plane,” she told the San Antonio Express-News. “The flight landed at SAT safely and all passengers departed the plane. The initial call went out for an engine fire as the plane was heading to San Antonio.
“However, when SAFD checked the plane, there was not an indication of fire. All passengers landed and there’s been no impact to the operations at SAT.”
A Delta Air Lines passenger plane is seen in Washington D.C. in February 2023. (Celal Gunes/Anadolu Agency via Getty Images / Getty Images)
Delta Air Lines maintenance teams are evaluating the aircraft, the airline said. The FAA added that it will investigate the incident.
Passengers were later accommodated on alternative Delta Air Lines flights to ensure they reached their final destinations promptly.
Living in Malvern offers the perfect balance between peaceful surroundings and convenient access to major UK cities. However, when it comes to travelling to large UK airports such as Heathrow, Gatwick, or Birmingham, many residents find the journey more complicated than expected. Limited direct public transport, early flight times, and the challenge of managing luggage can turn airport travel into a stressful experience.
The good news is that with the right planning and transport choice, Malvern residents can travel to UK airports easily, comfortably, and without unnecessary hassle.
Common Airport Travel Challenges for Malvern Residents
Although Malvern is well connected locally, reaching major airports often involves long journeys. Many residents face similar challenges when planning airport travel, including:
Multiple train changes
Unpredictable delays and cancellations
Early-morning or late-night departures
Carrying luggage across busy stations
High parking costs at airports
Understanding these challenges helps in choosing the most efficient and stress-free travel option.
Public Transport: Is It Always Practical?
Trains and buses are often the first options people consider. While public transport can work in some situations, it’s not always the most convenient solution for airport travel from Malvern.
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Train journeys to airports such as Heathrow frequently require multiple changes, often passing through Worcester, Birmingham, or London. This can significantly increase travel time and stress, particularly during peak hours or when services are disrupted.
Public transport may be less suitable if you are:
Travelling with family or children
Carrying multiple or heavy suitcases
Catching an early or late flight
Travelling for an important business trip
In these cases, reliability and simplicity become far more important than saving a small amount on fares.
Driving Yourself to the Airport: Pros and Cons
Driving to the airport gives you control over your schedule, but it also comes with drawbacks. The journey from Malvern to major airports can be long, and motorway congestion, especially around London, can cause delays.
In addition to traffic, drivers must also consider:
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Expensive long-term airport parking
Shuttle buses from car parks to terminals
Fatigue from long-distance driving
After a long drive, navigating busy airport roads can be exhausting and stressful, particularly before a flight.
Why Airport Taxis Are a Popular Choice in Malvern
For many Malvern residents, pre-booked airport taxis have become the most convenient and stress-free way to travel. A professional airport taxi service provides door-to-door transport, eliminating the need for changes, parking, or last-minute rushing.
Booking a Malvern to Heathrow Airport taxi ensures that you are collected from your home or chosen location and driven directly to the correct airport terminal. This removes uncertainty and allows you to focus on your journey rather than the logistics.
Airport taxis are ideal for:
Families and groups
Business travellers
Elderly passengers
Travellers with early departures
The Advantages of Choosing a Local Taxi Service
Using a local provider offers several benefits over national or app-based services. Local drivers are familiar with Malvern and the surrounding areas, allowing them to choose the most efficient routes and avoid traffic hotspots where possible.
A trusted service like Malvern Airport Taxis focuses on punctuality, comfort, and customer satisfaction. Vehicles are well-maintained, spacious, and suitable for long-distance travel. Fixed pricing also gives peace of mind, as there are no surprise charges due to traffic delays.
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Local services understand the importance of timing when it comes to flights, ensuring you arrive at the airport with plenty of time to spare.
Heathrow: The Most Popular Airport for Malvern Travellers
Heathrow Airport is one of the busiest airports in the world and a common choice for international travel. While it offers a wide range of destinations, getting there from Malvern can be challenging without reliable transport.
Choosing a Malvern to Heathrow Airport taxi removes many of the difficulties associated with travelling to such a busy hub. With a direct, pre-planned journey, you can avoid the complexity of train changes or the stress of driving in heavy traffic.
Comfort and Peace of Mind Matter
Airport journeys can be long and tiring, especially when travelling internationally. Comfort plays a major role in reducing stress before a flight. A private taxi allows you to relax, prepare for your trip, or simply enjoy a quiet journey.
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With professional airport transfers, you benefit from:
Comfortable seating
Climate-controlled vehicles
Space for luggage
A calm, private environment
Arriving at the airport relaxed can make the entire travel experience smoother, from check-in to boarding.
Business Travel Made Simple
For business travellers, reliability is essential. Missing a flight can have serious consequences, including missed meetings or events. Many professionals in Malvern choose airport taxi services because they offer dependable, time-efficient travel.
A pre-booked taxi allows business travellers to:
Work or make calls during the journey
Avoid unpredictable delays
Arrive prepared and focused
This reliability makes airport taxis a preferred option for frequent travellers.
Tips for Stress-Free Airport Travel
To make airport travel even easier, Malvern residents should keep these tips in mind:
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Book your airport transport in advance
Confirm your flight terminal before departure
Allow extra travel time during peak hours
Keep important documents easily accessible
Pack smartly to reduce luggage stress
Small preparations can make a significant difference on travel day.
A Smarter Way to Travel from Malvern
Travelling from Malvern to UK airports doesn’t need to be complicated. With careful planning and the right transport choice, residents can enjoy a smooth, reliable journey every time.
By choosing a professional local service such as Malvern Airport Taxis, travellers can avoid the common frustrations of airport travel and focus on what matters most, starting their trip calmly and confidently.
Final Thoughts
Whether you’re heading on holiday or travelling for business, the journey to the airport sets the tone for your entire trip. For Malvern residents, a dependable Malvern to Heathrow Airport taxi offers one of the easiest and most stress-free ways to reach major UK airports.
With door-to-door convenience, professional drivers, and reliable service, airport travel becomes a simple part of the journey rather than a challenge to overcome.
The social media ban for users who are under 16 years of age has been going on for two months now.
However, it seems teens do not think it’s working.
Teens Don’t Think Social Media Ban Is Working
Several teens interviewed by ABC News have shared with the outlet that they do not think that the ban has been effective.
In fact, a 14-year-old boy even shared how Snapchat prompted him to do a face scan leading up to the ban. He complied and was granted access even if he wasn’t 16 years old.
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“Snapchat thought I was over 16, so my Snapchat account did not get banned and same on my TikTok, but Instagram, I needed to show my driver’s licence because it wasn’t letting me use my face,” he told ABC.
Other teens interviewed by ABC also shared how they got around the social media ban. A 15-year-old girl interviewed said she set her birthday to a year before she was born.
Another 14-year-old boy shared how the ban has led to people not affected by the ban to earn money by circumventing it.
“Now there’s sort of like a market for it of younger people under the age of 16 giving money to their friends or people they know that are older to do ID scans for them or your parents doing it for you,” he said. “So, it’s really easy to get around.”
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Spain Follows in Australia’s Footsteps
ABC’s report comes not long after Spain announced that it was going to follow Australia’s example by banning social media access for those who are under the age of 16.
According to a report by BBC, Prime Minister Pedro Sánchez declared that the move aims to protect children “from the digital Wild West.”
It also seems that Spain isn’t the only considering the ban. Other European countries such as Austria, Denmark, France, and Greece are reportedly weighing their options.
Unsurprisingly, one man who is not happy about the potential bans is X owner Elon Musk, who went as far as to call Sánchez a “tyrant” over the proposed ban, according to The Guardian.
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“Sánchez is the true fascist totalitarian,” he said in a post on X.
Cracker Barrel CEO Julie Masino spoke to The Blaze’s Glenn Back about the backlash she and the company faced after its controversial redesign this year.
Cracker Barrel responded to reports that it requires employees to eat exclusively at its restaurants while traveling for work, noting that the guidance is not new.
The Southern-themed restaurant chain told FOX Business that its dining policy was first introduced in June 2024 and emphasized that employees traveling for business are encouraged — but not required — to eat at Cracker Barrel locations.
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“The policy for employees to dine at Cracker Barrel while traveling for business, whenever practical based on location and schedule, is not new,” the company told FOX Business.
“Also, it is not the only place that our employees may eat when on the road, as previously reported. The change was to further limit reimbursement of alcoholic beverages under the policy.”
A Cracker Barrel sign outside a location in Louisville, Ky., Sept. 23, 2019. (Luke Sharrett/Bloomberg via Getty Images)
The clarification follows a recent report highlighting Cracker Barrel’s internal employee policies.
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According to an internal message reviewed by The Wall Street Journal, employees are encouraged to delay work-related travel when possible and, when travel is unavoidable, are expected to dine at Cracker Barrel locations when practical.
“Employees are expected to dine at a Cracker Barrel store for all or the majority of meals while traveling, whenever practical based on location and schedule,” the company wrote.
A Cracker Barrel Country Store in Fishkill, N.Y., Aug. 25, 2025. (Richard Beetham for Fox News Digital)
Cracker Barrel is also reportedly tightening its travel expense policy relating to alcohol, requiring employees pay out of pocket for alcoholic beverages. Any exceptions must receive prior approval, The Wall Street Journal reported.
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“Exceptions for special occasions must be pre-approved by an E-Team member,” Cracker Barrel said.
Cracker Barrel has struggled in recent months, including facing customer outrage last summer over a logo redesign that removed its iconic “Old Timer” character, a decision the company later reversed.
During its fiscal first-quarter 2026 earnings call in December, CEO Julie Masino said the company’s turnaround is taking longer than expected.
“As you are all aware, the past few months have been difficult for Cracker Barrel and for our 70,000 team members around the country,” Masino said. “And while many of our guests are enjoying our improved food and guest experience, we certainly have more work to do to regain the trust and confidence of others who have been slower to return.”
Cracker Barrel shares are up more than 30% year to date.
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FOX Business’ Greg Wehner and Eric Revell contributed to this report.
Ohio GOP gubernatorial candidate Vivek Ramaswamy discusses his economic vision for the state, calling for deregulation and expanded housing on ‘Kudlow.’
Homebuilders are reportedly developing a plan to address prospective buyers’ concerns about affordability with what they’re calling “Trump homes” that would cater to first-time homebuyers.
Bloomberg, citing sources familiar with the matter, reported that homebuilders, including Lennar Corp., are developing a proposal that would have builders sell homes as part of a program backed by private investors who would help finance the program.
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The outlet reported that one version of the proposal would see investors rent the homes to tenants. And, after three years, the tenants’ monthly rental payments would count toward a down payment if they wanted to buy the home, though a person involved told Bloomberg the plan would be complicated to implement.
It’s unclear what the scope of the program would be, although Bloomberg’s report indicated that builders have considered building up to 1 million homes, which would amount to over $250 billion in housing.
Builders’ “Trump homes” plan would reportedly emphasize building entry-level housing for new buyers, including a rent-to-own option. (Frederic J. Brown/AFP via Getty Images)
Homebuilders first discussed the proposal with the Trump administration last year, though many details haven’t been finalized, according to Bloomberg’s report. The outlet reported that one of its sources indicated that private investors wouldn’t bear initial losses, although many details are still in flux.
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Lennar declined to comment on the reports of the company’s planning.
Americans still see homeownership as a key part of the American dream despite headwinds to affordability. (Eric Thayer/Bloomberg/Getty Images)
Federal Housing Finance Agency Director Bill Pulte said in an appearance on FOX Business Network’s “Making Money with Charles Payne” that the administration isn’t considering the plan as it reviews a variety of proposals to improve the affordability of housing.
“The homebuilders are presenting a lot of different ideas,” Pulte said. “I know that one of them or two of them had floated this ‘Trump homes’ idea. It’s not something that we’re actively looking at, but, look, we appreciate all ideas. All ideas are welcome.”
FHFA Director William Pulte said the administration isn’t actively considering the “Trump homes” proposal. (Stefani Reynolds/Bloomberg via Getty Images)
The proposals come amid a challenging housing market for Americans, as high home prices along with elevated interest rates make it difficult for first-time buyers to purchase their first home and also constrain supply. And existing homeowners are reluctant to sell and take on a new mortgage with higher interest rates.
A poll conducted for the National Association of Realtors by Public Opinion Strategies and Hart Research found that just 17% of voters think now is a good time to buy a home, down from 69% in 2013.
Despite the headwinds affecting housing affordability, homeownership remains a key part of what voters view as the American dream, with 85% calling it an essential part of the American dream, an increase from 79% in 2013 with strong support across political groups.
Planners warn development could mean ‘subsequent pressure to restrict the current and future activities of businesses’
Chris Gee and Local Democracy Reporter
05:00, 05 Feb 2026
Bellway provided a site layout for the proposed 83-home estate in Atherton
Plans to develop a patch of green land into an 83-home estate have been rejected.
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Bellway Homes had proposed to build the houses on land close to Tyldesley Old Road and Douglas Road, Atherton, immediately next to the Chanters industrial estate.
The developer described its vision for the estate as ‘creating a sustainable urban extension for the area by working with the sites own features and wider landscape character’.
But planners at Wigan council have this week rejected the project, saying any future occupiers of the homes could be affected by the industrial nature of the area because of its proximity and the noise from Chanters employment park.
A planning report said: “Officers have concluded that the proposed development conflicts with policies within the local plan in that it cannot be satisfactorily delivered.
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“The applicant has failed to address these site constraints effectively through the provision of physical and green infrastructure needed.
“Furthermore, officers have concluded that if the development was delivered if would lead to subsequent pressure to restrict the current and future activities of businesses within the industrial estate.
“The proposed development would not achieve an acceptable standard of residential amenity in relation to noise.”
In a design and access statement supporting the plans, Bellway said the site area covers 8.28 acres and is bounded by ‘roads, residential and light industrial commercial buildings together with open land and woodland’.
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The report said: “The site is located within a predominantly residential area and is bounded by existing houses to the west across Douglas Road.
“The site is also bound by light industrial and commercial infrastructure to the east and south, as well as open land and woodland to the north.”
It characterised the land as being in ‘a suburban residential area’. The council received 15 objections to the application.
Among the reasons given for opposition were ‘future residents would be impacted by proximity to industrial estate’, that Douglas Road is not wide enough for proposed access and that it is too close to electricity pylons and overhead lines.
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Ward councillor Debra Wailes also objected. She said the site was a natural buffer between the houses on Douglas Road and the Chanters industrial estate and the mature tree line which supports this buffer zone would be destroyed.
Council chief says ‘This is about more than just building new homes – it’s about shaping places where families can grow ‘
Charlotte Hall and Local Democracy Reporter
05:00, 05 Feb 2026
Artists’ impressions of the new developments at Elton Reservoir, Walshaw, and Simister & Bowlee(Image: Bury Council)
Details of a plan to build three new neighbourhoods in Bury with almost 6,000 homes have been revealed.
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Plans for Elton Reservoir, Walshaw and Simister Bowlee will feature three new primary schools, new health facilities, five new community centres, as well as sports pitches and playgrounds.
Formerly greenbelt land, the three areas have been allocated for housebuilding under the Places for Everyone masterplan since 2024.
Townhall bosses are due to approve draft development frameworks at a scrutiny meeting on Tuesday, February 10. Members of the public will then be invited to comment on the schemes, which will help shape the final masterplans.
Council leader Eamonn O’Brien said: “This is about more than just building new homes – it’s about shaping places where families can grow and where people have the schools, transport links, and amenities they need to thrive. Together, these developments will provide lasting benefits for Bury and the wider region for generations to come.”
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A draft map for the Elton Reservoir development. Yellow marks the new residential areas, red shows ‘mixed use spaces’(Image: Bury Council)
Elton Reservoir
Elton Reservoir, an area just half a kilometre north of Radcliffe town centre, would be turned into 3,250 new homes. Around half the site would be retained as green space around the reservoir itself.
Six new residential areas would be built to the south and south-west of the lake, with a mixture of housing types – including around 25 per cent affordable and social housing. The plans also include a new two-form primary school, with the Star Radcliffe Academy secondary school at Spring Lane already due to be completed by summer 2026.
The masterplan also includes three high street areas, which could host retail, health and/or community centres.
A draft map of the new Walshaw neighbourhood(Image: Bury Council)
Walshaw
Located between Walshaw Village and Woolfold, the agricultural area would house up to 1250 homes once the plans are approved. Around 300 of the houses would be classed as affordable – a mixture of affordable and social rent, and affordable homes to buy.
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The site will retain space for a new primary school, as well as a new playing pitch and plenty of green spaces.
The plans feature several new highways, with incorporated active travel elements such as bike lanes.
In the plans produced by Stantec on behalf of the council, a consultant writes: “This development will aid the creation of neighbourhoods for Elton and Walshaw where residents can access everyday facilities on foot, whilst staying well connected to high quality services and jobs through convenient, direct and sustainable travel links.”
The Simister / Bowlee development will feature a new highway system and affordable housing(Image: Bury and Rochdale Council)
Simister/Bowlee
The Simister & Bowlee site straddles the border of Bury and Rochdale, in a wedge of land between Prestwich and Middleton. A total of 1,550 new homes are tipped for the site, with around 1,350 of them falling on the Bury side.
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The neighbourhood is intended as an extension of Atom Valley, a project to build facilities for advanced manufacturing and engineering jobs in the Northern part of Greater Manchester. The new residential area could house employees at a convenient distance from the new workplaces.
Coun Neil Emmott, leader of Rochdale council, said: “This new framework represents another important step forward for this area as part of the wider Atom Valley project, which will create thousands of highly skilled jobs and new homes in Rochdale and Bury.”
In the draft plan prepared by both local authorities, the homes would once again be a mixture of commercial and affordable housing, and come with an upgraded local highway network. Green spaces and a local centre, which could include health centres and shops, are also a part of the plan.
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