Nigeria's inflation drops to 11.14% in July - NBS

Nigeria's inflation drops to 11.14% in July - NBS

On a seasonally adjusted basis, average house prices in the United Kingdom were unchanged between May 2018 and June 2018, compared with an increase of 0.5 per cent in average prices during the same period a year earlier.

The data shows the average property price in England was £245,000, in Wales it hit £157,000, in Scotland it was £150,000, while in Northern Ireland it rose to £133,000.

Retail inflation fell to 9-month low of 4.17 per cent in July on declining vegetable prices which may prompt the Reserve Bank to pause interest rate hike in its next monetary policy review.

Nevertheless, London continued to be the region with the highest average house price, at £477,000.

Shaun Church, director at mortgage broker Private Finance said: 'A slight correction in house prices is no bad thing for the United Kingdom property market.

Samuel Tombs, chief United Kingdom economist at Pantheon Macroeconomics, said: "Increases in mortgage rates have restricted the amount that home-buyers are willing and able to borrow. The reduction in jobseekers from the European Union, due to Brexit, also has hit demand in the capital".

United Kingdom inflation climbed in July as had been expected, according to the latest data from the Office for National Statistics (ONS) released on Wednesday.

Price growth remains at a five-year low and this is a direct result of a fall in transactions and a lethargic market, as demonstrated by the increase in the time it's taking to sell.

Based on the Consumer Price Index (CPI), retail inflation for June has also been revised downwards to 4.92 per cent from the earlier estimate of 5 per cent, as per the Central Statistics Office (CSO) data released today.

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The latest inflation figures come just 24 hours after the ONS showed that unemployment in the United Kingdom has fallen to just 4%, a low not witnessed since the early 1970s.

Shaun Church, director at mortgage broker Private Finance said: 'A slight correction in house prices is no bad thing for the United Kingdom property market. If there are 100 properties of the right size in an area and they are placed in price order with the cheapest first, the "low-end" of the market will be the 25th property, "mid-priced" is the 50th and "high-end" will be the 75th. In addition, the recent base rate rise should not adversely impact the outlook for house prices.

This is down from the 3.5 per cent figure from April to May, and is the lowest annual growth rate since August 2013 (also at 3 per cent).

The annual growth rate of United Kingdom house prices has slowed since mid-2016 and has remained under 5%, with the exception of October 2017, throughout 2017 and into 2018.

Estate agent Lee James Pendleton said: 'The most troubling numbers here are easily the growth figures for new builds.

House prices in London have fallen at their fastest pace since 2009 as the capital's property market continues to cool, official figures have shown.

'The big question is what happens to prices when the property market's own version of Quantitative Easing is taken away?'

By property type, semi-detached houses showed the biggest increase, rising by 4.4 per cent in the year to June 2018 to £216,000.

There has been a rise in time taken to complete a property sale from 16 weeks a year ago to 18 weeks on average.

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