House prices have remained stable, with an annual increase of 8.8% in London.
The most recent average statistic released by Halifax demonstrates that house prices resumed their upward trend in August, demonstrating their resilience in the face of continued economic unpredictability.
Following a decrease of 0.1% in July, August saw a gain of 0.4%, which resulted in another record high being set at £294,260. This marks the seventh time in the last eight months that it has reached a new high point.
The annual pace of increase slowed to 11.5% from 11.8% in July, the lowest level in three months. However, London’s rise of 8.8% was the biggest in six years, making the annual rate of growth overall the highest in six years.
The usual home now costs a record-breaking £554,718, which indicates that the average house price in the capital region has increased by £44,669 over the course of the previous year.
With an annual increase in home prices of 16.1%, Wales maintains its position as the nation’s leader. This represents the highest degree of growth seen in the housing market since the beginning of 2005
Markets under pressure after China trade statistics
Following a night in which US markets came under additional pressure, European markets are currently pointing lower. This comes after the tech-heavy Nasdaq extended its losing streak to a seventh consecutive session.
The impact of a strong dollar and predictions that Federal Reserve policymakers will take another illegal attack on mortgage rates in the coming months caused the Nasdaq to drop 0.7%, while the S&P 500 and Dow Jones Industrial Average each lost 0.5% and 0.4% respectively.
According to CMC Markets, the FTSE 100 index will drop by 65 points, bringing it to a level of 7235; traders in Frankfurt and Paris should also prepare for a negative trading session.
Retail, hotel, and banking companies all saw gains in yesterday’s trading on the back of rumors that the incoming prime minister, Liz Truss, is proposing to freeze energy prices for both people and companies. This led to a slight increase in the value of London’s top flight index.
The most significant increase was recorded in the UK-focused FTSE 250 index, which increased by 1%, or 191.16 points, to finish at 18,820.
China’s latest unimpressive trade numbers also played a role in today’s poorer practice. Exports growth of 7.1% was below a market projection of 12.8% and the prior month’s 18% leap. As the nation struggles to deal with the effects of the Covid lockdowns, imports only increased by 0.3%, which is far lower than the expected growth rate of 1.1%.
Asia markets, notably the Hang Seng, traded more than 1% lower, and doubts about demand meant that the price of oil continued to decline, leaving Brent crude futures at just around $91 a barrel.
Michael Hewson, chief market analyst at CMC, stated that “as we approach into the cold months, it is getting increasingly difficult to feel bullish about the prognosis for the Chinese economy.”
“With 21.5 million people already locked down in Chengdu, and new restrictions being imposed in places like Guiyang, in Guizhou province, as well as Shenzhen, it’s hard to see a scenario for a massive financial pickup much before next year,” said one analyst. “It’s hard to see a scenario for a massive financial pickup much before next year.”