UK inflation slows more than expected on food, transport
UK economy set for best quarter since 2016 despite flat August
UK manufacturing growth unexpectedly picks up in September
UK current-account deficit widens, business investment falls
UK inflation unexpectedly accelerates on theatre prices, fares
UK retail sales rebound in July on warm weather, discounts
house-price growth dropped below 2% for the first time in five years, according to Nationwide Building Society.
In what it said was a “relatively subdued” market, average values
rose 1.6% in October compared with a year earlier. That’s the
weakest increase since mid-2013.
Nationwide reiterated its forecast for prices to rise about 1% this year.
The report on Thursday is more evidence Britain’s housing market is
weakening after decades of booming prices. Stretched affordability is
partly behind the pullback, while Brexit has created additional
uncertainty about the economic outlook.
The Bank of England, which
policy decision at noon in London, says any interest-rate increases over
the next few years will be limited and gradual as it lifts borrowing
costs from historical lows.
“The squeeze on household budgets and the uncertain economic outlook
is likely to have dampened demand, even though borrowing costs remain
low by historic standardsand unemployment is at 40-year lows,” said
Robert Gardner, Nationwide’s chief economist.
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