In November, the average price of a typical property in the U.K. dropped a seasonally adjusted 0.3% over the previous month, according to data collected by the mortgage lender Nationwide Building Society (NBS). The reading followed on the 0.7% price drop recorded in October and thus continued the virtually uninterrupted downward trend seen since June. As a result, housing prices are only 0.4% higher than a year ago (October: +1.4% year-on-year), and have fallen by 12.2% compared to the peak reached in October 2007. Home prices began to recover in March 2009, well ahead of the overall economic recovery. However, the rebound stalled in June, as the government began phasing out the stimulus measures, in particular the stamp duty holiday. Going forward, home prices are not expected to make a strong comeback, as credit remains tight and the labour market is likely to remain weak in the coming years.
United Kingdom Housing
Downward trend in housing prices continues
December 1, 2010
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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
In September, consumer prices increased 0.2% from the previous month, which came in below the 0.3% increase seen in the previous month.
October 8, 2016
In August, industrial production contracted 0.4% over the previous month in seasonally-adjusted terms, which contrasted the 0.1% increase recorded in July.
October 3, 2016
In September, the manufacturing sector recovered the ground it had lost after the EU referendum.