FOREX TradingCharts.com

Financial News: UK House Price Inflation Unexpectedly Accelerates In Augus

UK House Price Inflation Unexpectedly Accelerates In August: Nationwide

09/01/2021 - 05:59:00 (RTTNews)

(RTTNews) - UK house prices rose at a faster annual pace in August and prices climbed at the second fastest pace in 15 years from the previous month, survey results from the Nationwide Building Society showed Wednesday.

The house price index rose 11.0 percent year-on-year following a 10.5 percent increase in July. Economists had expected the pace to slow to 8.6 percent.

Prices rose 2.1 percent from the previous month, when prices fell 0.6 percent. Economists had forecast a 0.2 percent increase.

The monthly increase was the fastest since a 2.3 percent rise in April.

House prices are now around 13 percent higher than when the Covid-19 pandemic began, Nationwide said. "The bounce back in August is surprising because it seemed more likely that the tapering of stamp duty relief in England at the end of June would take some of the heat out of the market," Nationwide Chief Economist Robert Gardner said.

Recent strength could be due to the strong demand from those buying a property priced between GBP 125,000 and GBP 250,000, who are looking to take advantage of the stamp duty relief in place until the end of September, the economist pointed out.

That said, the maximum savings are substantially lower, GBP 2,500 versus a maximum saving of GBP 15,000 on a property valued at GBP 500,000 before the stamp duty relief in England tapered, he noted.

The price increase in August could also be driven by lack of supply, Gardner added. Nationwide expects the underlying demand for properties to remain solid in the near term amid a recent rebound in consumer confidence and low borrowing costs combined with a lack of supply.

The outlook towards the end of the year remains uncertain.

Gardner pointed out that activity will almost inevitably soften for a period after the stamp duty holiday expires at the end of September and also due to a possible rise in unemployment as the government withdraws support schemes.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Powell Warns Of Upside Risks To Inflation During Congressional Testimony (01 hr(s), 45 min(s), 34 sec(s) ago)
(RTTNews) - Federal Reserve Chair Jerome Powell will warn members of the Senate Banking Committee ...Full Story»

German Consumer Confidence Strongest Since Apr 2020 (02 hr(s), 42 min(s), 34 sec(s) ago)
(RTTNews) - German consumer confidence is set to rise in October underpinned by strong improvement ...Full Story»

Ireland Retail Sales Grow In August (03 hr(s), 12 min(s), 34 sec(s) ago)
(RTTNews) - Ireland's retail sales grew in August, figures from the Central Statistics Office ...Full Story»

Iceland Inflation Rises In September (03 hr(s), 28 min(s), 34 sec(s) ago)
(RTTNews) - Iceland's consumer price inflation rose marginally in September, figures from Stat ...Full Story»

Hong Kong Exports Growth Slows In August (03 hr(s), 33 min(s), 34 sec(s) ago)
(RTTNews) - Hong Kong's merchandise exports grew at a softer pace in August, data from the Cen ...Full Story»

Sweden Retail Sales, Trade Surplus Increases (03 hr(s), 38 min(s), 34 sec(s) ago)
(RTTNews) - Sweden's retail sales increased in August and the trade surplus increased from las ...Full Story»

Hungary Jobless Rate Steady At 4.1% (04 hr(s), 17 min(s), 34 sec(s) ago)
(RTTNews) - Hungary's jobless rate remained unchanged during the June-August period, data from ...Full Story»

Austria Manufacturing Sector Growth Accelerates In September (04 hr(s), 26 min(s), 34 sec(s) ago)
(RTTNews) - Austria's manufacturing sector growth improved in September despite firms in the s ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Powell Warns Of Upside Risks To Inflation During Congressional Testimony

09/28/2021 - 08:33 AM (RTTNews)
(RTTNews) - Federal Reserve Chair Jerome Powell will warn members of the Senate Banking Committee ...Full Story>>

German Consumer Confidence Strongest Since Apr 2020

09/28/2021 - 07:36 AM (RTTNews)
(RTTNews) - German consumer confidence is set to rise in October underpinned by strong improvement ...Full Story>>

Ireland Retail Sales Grow In August

09/28/2021 - 07:06 AM (RTTNews)
(RTTNews) - Ireland's retail sales grew in August, figures from the Central Statistics Office ...Full Story>>

Iceland Inflation Rises In September

09/28/2021 - 06:50 AM (RTTNews)
(RTTNews) - Iceland's consumer price inflation rose marginally in September, figures from Stat ...Full Story>>

Hong Kong Exports Growth Slows In August

09/28/2021 - 06:45 AM (RTTNews)
(RTTNews) - Hong Kong's merchandise exports grew at a softer pace in August, data from the Cen ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.