U.K. Home Prices Rise for Second Month in August
Home prices in the U.K. rose for the second consecutive month in August, with the Halifax index rising 0.8% in August amid expectations for a 1.0% increase, with prices tumbling at an annual rate of 10.1% from the previous year. The breakdown of the report showed average home prices rose to GBP 160,973 in August from GBP 159,709 in July, and the housing market may continue to improve throughout the second-half of the year as the Bank of England holds borrowing costs at the record-low and commits GBP 175B in asset purchases. Nevertheless, as households face a weakening labor market paired with tighten credit conditions, the economic recovery may be weighed down by the slump in private-sector spending, and the central bank may continue to ease policy further in the coming months to steer the nation out of its worst recession since the post-war period.
- UK Home Prices Rise the Most Since 2006
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- U.K. Retail Sales Unexpectedly Holds Flat in August
- U.K. Mortgage Approvals Top Forecasts, Consumer Credit Falters
- Euro-Zone CPI Increases 0.3% in August, Annual Rate of Inflation Weakens for Third Month