In May, the price of a typical property in the U.K. increased a seasonally adjusted 0.3% over the previous month, according to data collected by the Nationwide Building Society (NBS). The figure contrasted a decline of the same magnitude in April. As a result, home prices are now 0.7% below the level seen in the same month last year. Home prices have been broadly unchanged since late 2010, hovering around GBP 165,000 for a typical property. According to the NBS, "demand for homes remains subdued on the back of weak labour market conditions, but the lack of homes coming onto the market is providing support for prices. This is in part a reflection of the low rate of building in recent years which has failed to keep pace with household formation".
United Kingdom Housing
Home prices edge up in May
June 1, 2012
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United Kingdom Housing Chart
Note: Average price of a typical property in the U.K. and seasonally adjusted month-on-month variation in %.
Source: Nationwide Building Society (NBS).
United Kingdom Economic News
October 21, 2016
Following nearly four months of little or no news regarding formal negotiations with the European Union, in early October, Prime Minister Theresa May finally shed some light on the Brexit timeline and announced that Article 50 of the Lisbon Treaty will likely be triggered before the end of March 2017.
October 19, 2016
In September, jobless claims increased by 700 from the previous month, according to the Office for National Statistics (ONS).
October 18, 2016
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October 3, 2016
In September, the manufacturing sector recovered the ground it had lost after the EU referendum.