UK House Price Growth Slows More Than Expected

Economic and political uncertainty has affected sentiment with the proportion of people who think that now is a good time to buy a house falling to a nine-year low

Mortgage lender Nationwide said house prices rose 2.1 percent year-on-year in August, slowing from 2.9 percent in July and matching May's four-year low.

'This is important because these regions contribute significantly more than their par share of stamp duty revenues as house prices are well above the United Kingdom average, ' Gardner said.

Nationwide said that the pattern was "consistent with signs of cooling in the housing market and the wider economy".

Month-on-month, house prices fell 0.1% in August, reversing a 0.2% rise in July.

The slowdown recorded by Nationwide echoes other signs of a sluggish housing market. The economy created a healthy 125,000 jobs in the three months to June and the unemployment rate fell to 4.4%, the lowest rate for over 40 years.

'While measures of housing affordability are not particularly stretched at a United Kingdom level, pressures are evident in some regions - especially London and the South of England'.

Hurricane Harvey: Here's Why Texans Might Need To File Insurance Claims ASAP
However, for claims filed after Friday, that rate will be determined by a market-based formula, which for Texas would be 10%. On Friday, a new insurance law will take effect in Texas that could limit Harvey victims' rights.

Korea to halt unsafe missile attacks
Millions of people in Japan woke up to a text message that said: "missile passing... please take cover". The United Nations Security Council has agreed to hold an emergency meeting in response to the launch.

Steelers TE David Johnson caught off-guard by Vance McDonald trade
The Steelers announced their inaugural Hall of Honor class that will be inducted into the new display at Heinz Field Nov. 26. "He is an National Football League capable tight end", Steelers head coach Mike Tomlin said, via Pittsburgh's team website .

In any event, until the gap between house prices and incomes begins to close more meaningfully, Ed Stansfield, Capital Economics' economist, said mortgage demand will be constrained.

'The UK economy slowed noticeably in the first half of the year, and there has been little to suggest a significant rebound in the months ahead'.

The 2.1 percent annual increase matched May's reading, which was the smallest since June 2013.

Howard Archer, chief economic adviser to the EY Item Club, said: "The fundamentals for house-buyers are likely to remain weak over the coming months with consumers" purchasing power continuing to be squeezed by inflation running higher than earnings growth'.

Homebuyers in London and the South East have been the most hit by higher stamp duty than the rest of the country since a progressive system of taxation - according to which higher valued properties pay a greater share of total tax than before - was introduced a year ago. People are being forced to pay more and some markets are struggling because of it simply because it now costs too much to move.

Related News:

  • New Mexico shooting incident leaves two dead, injures four

    New Mexico shooting incident leaves two dead, injures four

    Witness Kim Tipton told the news organization that she was across the street when she saw multiple police arrive at the library . Noting that police are at an early stage of investigation, Ford declined to talk about possible motivation.
    Kim Jong-un's Wife Gives Birth to 3rd Child

    Kim Jong-un's Wife Gives Birth to 3rd Child

    The Kim family has ruled North Korea since the country's founding in 1948, but very little is known about its members . Kim and his wife, Ri Sol Ju , have two other children who were believed to have been born in 2010 and 2013.
    British Girl Forced to Live with Muslim Family

    British Girl Forced to Live with Muslim Family

    A five-year-old Christian girl in London, UK was forced to live in two Muslim foster homes for six months, a report claims. A five-year-old white Christian child is removed from her family and given to a burka-wearing foster carer.
  • Sea Shepherd pulls plug on campaign to disrupt Japan whale hunt

    Sea Shepherd pulls plug on campaign to disrupt Japan whale hunt

    Past year they were successful in obtaining an injunction which prevented the Sea Shepherd from ramming or coming within 500 yards of their ships.
    Uber Pulls Controversial Tracking Feature

    Uber Pulls Controversial Tracking Feature

    As we had reported recently, insurance of any sorts has been one of the most requested demands from Uber drivers in the country . Due to the pushback and several other setbacks and embarrassments , Uber is now ending at least one of its spying programs.
    Simona Halep Thrilling Clash in US Open 2017

    Simona Halep Thrilling Clash in US Open 2017

    I'm sure it helps with my motivation and confidence but after that you have to go out there and play. We sometimes wonder why we put in all the work. "I think that's not possible for a great show".
  • Arnold Schwarzenegger fronts surreal PPI campaign from FCA

    Arnold Schwarzenegger fronts surreal PPI campaign from FCA

    Schwarzenegger appears in a Financial Conduct Authority ad publicizing the August 29, 2019 deadline to make the claims. This comes as Which? urges people to avoid paying a fee to claims companies to help with making a claim.
    Destiny 2 beta weighs 16GB on the PC

    Destiny 2 beta weighs 16GB on the PC

    It's recommended for NVIDIA graphics card users to update their graphics driver to the newest version posted a couple of days ago. Compatibility with this feature will continue to be optimized leading up to the full Destiny 2 launch on PC on October 24.
    YouTube gets a new logo and adds new features to mobile app

    YouTube gets a new logo and adds new features to mobile app

    Dark Theme didn't make it to the app update, but plenty of other changes did. Join our official Facebook Group and participate in great discussions .
  • The Kardashians donate $500k to Hurricane Harvey relief

    The Kardashians donate $500k to Hurricane Harvey relief

    Reporter Rex Carlin learned how people can know their money is going to a real charity instead of a fraud. In a statement to the Houston Chronicle , Beyonce said she was devising a plan for relief.
    Former Hospital Staffer Files Lawsuit Over Justin Bieber's Testicles

    Former Hospital Staffer Files Lawsuit Over Justin Bieber's Testicles

    She claims she never accessed Justin's file and simply heard from others he was there for treatment of an STD. There is a new wrongful termination lawsuit surrounding an incident involving Justin Bieber's testicles.
    Injured Andy Murray to Miss US Open

    Injured Andy Murray to Miss US Open

    I am 31 - and a half. "We are not that young anymore". "There are contracts and I understand that, but there is some way that you can fix it, no?"

Most liked

Stetson football player dies after collapsing at practice
He holds BFA from the University of Florida/New World School of the Arts and is also a NY city based stand-up comedian. Stetson University sophomore defensive back Nicholas Blakely collapsed and died during practice on Monday evening.

RPC Group PLC (RPC) Receives Average Recommendation of "Buy" from Brokerages
Graybill Bartz & Assoc Ltd holds 3.59% of its portfolio in United Rentals, Inc. for 39,915 shares. (NASDAQ:JKHY) for 2,409 shares. In a research note revealed to investors and clients on today, Peel Hunt kept their Buy rating on Grainger PLC (LON:GRI)'s stock.

Dortmund Replace Ousmane Dembele With Dynamo Kiev Star Andriy Yarmolenko
Dortmund brought in Yarmolenko as a replacement for Ousmane Dembele, 20, who on Monday completed the paperwork to finalise his €105 million transfer to Barcelona .

South Florida home prices rising slower than other areas nationwide
Despite the overall rise in home prices, some markets, notably Las Vegas, have still not fully recovered from the Great Recession. The scarcity is also at the middle and lower end of the market, not at the top where many high-priced homes sit on the market.

Trump Org lawyer provides details about Russia Trump Tower project
However, it was unclear how involved or aware Trump was of his company's negotiations, the newspaper reported . He told a news conference the next day: 'I have nothing to do with Russian Federation '.

Stock On the Run: NIKE, Inc. (NKE)
NIKE, Inc. (NKE ) stock price fell -9.01 percent over the past one year, while decreased -6.84 percent during the past 6 months. The footwear maker reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.10.

Institutions Peg This Stock As a Favorite: Marathon Oil Corporation (NYSE:MRO)
MPC comes in with a P/S ratio of 0.39 that's below 1, potentially implying that it could be cheap relative to the overall sector. Electronic Arts Inc. has a beta of 1.57, offering the possibility of a higher rate of return, but also posing more risk.

Aston Martin's vehicle lineup will be 100% hybrid by the mid 2020s
Aston Martin's first regular production hybrid and electric cars will be variants of the DBX SUV entering production in 2019. But there will be more mainstream (if such a word can apply) hybrid and battery EV Aston Martins coming, too.

Royals Pitcher Danny Duffy charged with DUI after Sunday incident
Duffy is a big deal - he was part of the World Series team in 2015 and signed a 5-year, $65 million extension this past January. Danny Duffy's DUI arrest, which we learned about a few hours ago, is - like all drunk driving incidents - a serious matter.

Missing pregnant woman's body found wrapped in plastic, floating in river
The two suspects in Savanna Greywind's disappearance and murder appeared by video in court to hear the new charges against them. The eight months pregnant Greywind was found by kayakers eight days after she was reported missing.

Boston Celtics Draw Line In Trade Negotiation With Cavaliers
However, another dimension was added to the deal when Thomas' medical report became a point of concern for the Cavaliers . The All-Star point guard and former Cleveland Cavaliers player is set to take his talents to the Boston Celtics .

'Luke Cage' Season 2: Here's Misty Knight's Bionic Arm
As comic fans are well aware, Misty has been sporting a metal arm for years, which she uses to kick all kinds of butt. If you haven't seen Marvel's The Defenders yet, you might want to turn away since there are major spoilers below.

Violence Forces Thousands of Rohingya Muslims to Flee Myanmar
The government used a militant attack on border guards back in October 2016 as a pretext to enforce the blockade on Rakhine. The recent attacks by militants are because "Bengali people... tried to occupy lands" in Rakhine.

Excerpt from ruling tossing Palin suit against NY Times
In fact, no link was ever shown, and the crosshairs were over Giffords' Arizona district, not her face. In a motion to dismiss the case, lawyers for the Times called this premise implausible.

Katy Perry sued by stagehand
Do you think Katy Perry should be held responsible for an accident that happened during her tour to a member of her crew? Reps for Katy Perry are not now responding to questions about the suit, according to the New York Daily News .