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01/08/2012
UK House Prices Decline Further
The price of a typical UK house fell by 0.7% in July, according to Nationwide.
Prices were 2.6% lower than one year ago and the typical price of a home was £164,389.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: "UK house prices declined for the fourth time in five months in July, with prices falling by 0.7%. This pushed the annual pace of price growth down to -2.6%, from -1.5% in June - the weakest outturn since August 2009.
"The weaker price trend observed in recent quarters is unsurprising, given the disappointing performance of the wider economy. Data released last week revealed that the UK recession intensified in the three months to July, with the economy contracting by 0.7% q/q. This disappointing outturn can be only partly explained by unusually wet weather and the impact of an extra bank holiday during the quarter. Indeed, the UK economy has contracted by 1.4% over the past nine months, and is now 4.5 percentage points smaller than it was in Q1 2008."
(CD/GK)
Prices were 2.6% lower than one year ago and the typical price of a home was £164,389.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: "UK house prices declined for the fourth time in five months in July, with prices falling by 0.7%. This pushed the annual pace of price growth down to -2.6%, from -1.5% in June - the weakest outturn since August 2009.
"The weaker price trend observed in recent quarters is unsurprising, given the disappointing performance of the wider economy. Data released last week revealed that the UK recession intensified in the three months to July, with the economy contracting by 0.7% q/q. This disappointing outturn can be only partly explained by unusually wet weather and the impact of an extra bank holiday during the quarter. Indeed, the UK economy has contracted by 1.4% over the past nine months, and is now 4.5 percentage points smaller than it was in Q1 2008."
(CD/GK)
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UK Inflation Remains At Current Rate
According to the Office for National Statistics (ONS), UK Consumer Prices Index (CPI) inflation remained unchanged at 3.1% in September. Including a higher proportion of housing costs, the Retail Prices Index (RPI), fell back slightly to 4.6%.
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House Prices Decline By -1.1%
House prices fell by -1.1% in March according to Halifax. This was the third monthly decline in the past 15 months. The monthly movements, however, can be volatile and the three month-on-three month change is a more reliable indicator of the underlying trend. However, house prices in the latest three months, January to March 2014, were 2.
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Halifax reports house prices rise
House prices rose by 1.6% in August, the UK’s biggest mortgage lender, has reported. However, the Halifax warned that the rise could be temporary, boosted by the recent interest rates cuts by the Bank of England. The price rise in August followed a modest 0.4% increase in July and was the biggest monthly rise since September 2004.
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UK Unemployment Up By 128k Since October
The UK's unemployment rate has risen by 128,000 in the three months to October, reaching 2.64 million, according to the Office for National Statistics (ONS). Reaching a 16-year high, the jobless rate was 8.3%, up from 7.9% in the last quarter of the year. Meanwhile, youth unemployment rose to 1.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
