UK House Prices Rise Unexpectedly On Supply Constraints: Nationwide

RTTNews | 1063 hari yang lalu

(RTTNews) - UK house prices unexpectedly climbed in October due to a shortage of properties amid the robust labor market conditions, data from the mortgage lender Nationwide Building Society revealed Wednesday.

House prices posted a monthly growth of 0.9 percent in October, following a 0.1 percent rise in September. This was the highest since August 2022, when the rate of increase was the same. Prices were expected to drop 0.4 percent.

On a yearly basis, house prices decreased 3.3 percent. The annual fall was less severe than September's 5.3 percent decline. Economists had forecast a 4.8 percent drop.

Still, housing market activity remained extremely weak, Nationwide Chief Economist Robert Gardner said.

Housing affordability remains stretched. Market interest rates moderated somewhat but they are still well above the lows prevailing in 2021, the economist pointed out.

Gardner said activity and house prices are set to remain subdued in the coming quarters. Despite signs that cost-of-living pressures are easing, consumer sentiment remains weak and surveyors continue to report subdued levels of new buyer inquiries.

Data from the Bank of England this week showed that net mortgage approvals for house purchases fell to 43,300 in September from 45,400 in August.

The BoE had paused its policy tightening in September after raising the interest rate at each and every rate-setting meeting since December 2021.

At 5.25 percent, the interest rate was the highest since early 2008. The bank is likely to keep the rate unchanged again at 5.25 percent on November 2.

Tag: GBP

baca selengkapnya

UK Private Sector Growth Softens

The UK private sector growth moderated to a three-month low in September, reflecting a loss of momentum in manufacturing and service sectors, flash data from S&P Global showed Wednesday. The headline composite output index fell to 51.7 in September from 52.5 in August. This was the lowest since June and below forecast of 52.0.

RTTNews | 5 hari yang lalu

UK Borrowing Overshoots Estimate

The UK government borrowing exceeded the government estimate in August as spending rose more than income, partly due to the impacts of inflation, data from the Office for National Statistics said Tuesday. Public sector net borrowing increased GBP 2.9 billion from the previous year to GBP 18.3 billion in August.

RTTNews | 6 hari yang lalu

UK Retail Sales Recover Unexpectedly

UK retail sales rebounded unexpectedly in August underpinned by online shopping and warm weather boosted sales of seasonal items, data from the Office for National Statistics revealed Friday. Retail sales grew 0.5 percent on a monthly basis, offsetting July's 0.5 percent fall. Sales were expected to drop 0.2 percent.

RTTNews | 10 hari yang lalu

Bank Of England Holds Rate Steady At 3.75%

The Bank of England left its key interest rate unchanged on Thursday amid limited evidence of second-round effects but further increase in energy prices raises the prospect of a hike in November. The Monetary Policy Committee, led by Governor Andrew Bailey, voted 6-3 to maintain the bank rate at 3.75 percent, the lowest rate since June 2023. The move was in line with economists' expectations.

RTTNews | 11 hari yang lalu

UK Inflation Accelerates To 5-Month High

UK consumer price inflation rose to a five-month high in August on renewed increase in fuel prices but the Bank of England is widely expected to hold the interest rate as energy shocks show no sign of broadening. Inflation advanced to 3.1 percent from 2.9 percent in July, the Office for National Statistics said Wednesday. The rate came in line with expectations.

RTTNews | 12 hari yang lalu

UK Jobless Rate Remains Unchanged; Wage Growth Cools

The UK unemployment rate remained unchanged and wage growth eased in the three months to July period, reflecting the softening labor market conditions, data from the Office for National Statistics revealed Tuesday. The unemployment rate 4.9 percent in the three months to July, the same rate as in the quarter ended June. The rate was forecast to rise to 5.0 percent.

RTTNews | 14 hari yang lalu

UK Economy Expands Unexpectedly

The UK economy expanded unexpectedly in July as artificial intelligence and cloud computing boosted services output, official data revealed Friday. Gross domestic product posted a monthly growth of 0.4 percent, following an increase of 0.3 percent in June and no growth in May, the Office for National Statistics reported. GDP was expected to remain flat in July.

RTTNews | 17 hari yang lalu

UK House Prices Fall For First Time Since 2023

UK house prices declined for the first time since late 2023 in August, data published by Lloyds Banking Group showed Monday. House prices dropped 0.4 percent on an annual basis in July, marking the first decrease since November 2023. The drop followed a marginal 0.1 percent rise in July.

RTTNews | 21 hari yang lalu

EURUSD	1.13457	GBPUSD	1.323
USDJPY	157.446	USDCAD	1.419