News / UK and world by Press Association May 31, 2019, 7:53 am Send us a story Sign up to our Daily newsletter UK house prices slumped in May as consumer confidence “remained subdued”, according to a new survey. Property prices dropped 0.2% month on month in May, after adjustment for seasonal factors, sliding from positive monthly growth in April, according to the latest Nationwide house price index. The number of transactions and mortgages approved remained stable during the month, Nationwide said, despite falling from 0.3% monthly growth in April. Year-on-year price growth slowed to 0.6% in May, down from 0.9% in April 2019, as demand appeared to wane. The average price for a house bought over the period was £214,946, up from £214,920 last month. Robert Gardner, chief economist at Nationwide, said: “Survey data suggests that new buyer inquiries and consumer confidence have remained subdued in recent months. “Nevertheless, … [Read more...] about UK house price growth slows amid ‘subdued’ consumer confidence
Brexit uk house prices
LONDON (Reuters) - British house prices rose at their slowest pace in six years in the three months to November, mortgage lender Halifax said on Friday, the latest sign of weakness in the housing market in the approach to Brexit. Annual house price growth slowed sharply to 0.3 percent in the three months to November from 1.5 percent in the three months to October, Halifax said. House prices fell by 1.4 percent on the month in November, the third decline in the last four months and the biggest fall since April. (Writing by William Schomberg; editing by Kate Holton) … [Read more...] about UK house prices rise at slowest pace in six years
On Thursday, Mark Carney, the governor of the Bank of England, had ten minutes to address the cabinet during a marathon Brexit briefing. One figure reportedly stood out: 35pc. This is the amount that house prices could fall in the event of a chaotic, no-deal Brexit. It is close, but not identical, to the doomsday scenario laid out in the Bank’s stress tests, released in March this year, which looked at how the country's lenders would be able to cope if UK house prices fell by 33pc. The Bank monitors the stability of the financial sector and regularly publishes war-gamed situations where the UK economy is hit by a number of shocks. These are intended to ensure banks have strong enough balance... To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only £2 per week Try Premium Access one Premium article per week … [Read more...] about Could UK house prices really fall by a third in the event of a disorderly Brexit?
BANK of England governor Mark Carney has warned a "no deal" Brexit outcome could mean house prices in the UK tumble. But are Carney’s doom and gloom predictions likely or is this just another example of Project Fear in action? Will a 'no-deal' Brexit impact house prices? Mark Carney, 53, met with senior ministers on September 13 to discuss the possible outcomes of the UK leaving the European Union without an agreement with Brussels. It was widely reported he painted a bleak outcome in the three-and-a-half-hour meeting. He allegedly said house prices could plummet by as much as 35 per cent over three years, mortgage rates could spiral upwards, the pound could fall along with inflation and many homeowners were at risk of being in negative equity. Both the Home Secretary Sajid Javid and Matt Hancock, the Health Secretary, ripped into Carney for his pessimistic overview. The Bank of England had previously warned house prices could drop in its annual “stress test” which it … [Read more...] about Will a ‘no-deal’ Brexit impact house prices and could it cause them to drop if we leave the EU?
By Costas Pitas LONDON (Reuters) - Britain's property market would crash and mortgage rates would spiral in the event of a chaotic no-deal Brexit, with house prices falling 35 percent over three years, Bank of England Governor Mark Carney told ministers, The Times reported. Recent signals from Brussels have buoyed hopes that Britain and EU authorities can agree and approve a proper deal before it leaves on March 29, though the sides are still divided on about one fifth of the detail of a deal. But many business chiefs and investors fear politics could get in the way, thrusting the world's fifth largest economy into a "no-deal" divorce they say would weaken the West, spook financial markets and clog up the arteries of trade. As Prime Minister Theresa May tries to clinch a deal with Brussels, she is facing rebels in her Conservative Party who say they will vote down any agreement that fails to deliver a sharp break with the EU. In a stark warning to the British cabinet, Carney told … [Read more...] about UK house prices would crash by a third after chaotic no-deal Brexit, Carney says