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Election jitters apply brakes to London house price rises: London has been knocked off its perch as the region with the fastest- growing house prices for the first time in almost two years as uncertainty surrounding the election and rules aimed at curbing risky lending dampen demand.
UK PPI core output rose as expected in March On a YoY basis, the non-seasonally adjusted PPI core output climbed 0.10% in March, in the UK, meeting market expectations. PPI core output had registered a revised rise of 0.30% in the previous month. UK PPI core output remained steady in March On a MoM basis, the non-seasonally adjusted PPI core output in the UK remained flat in March, less than market expectations for a rise of 0.10%. In the prior month, PPI core output had registered a revised unchanged reading. UK consumer price index advanced as expected in March On a monthly basis, the consumer price index advanced 0.20% in the UK, in March, compared to a rise of 0.30% in the previous month. Market anticipations were for the consumer price index to rise 0.20%. UK house price index climbed in February The house price index in the UK climbed 7.20% in February on a YoY basis. In the previous month, the house price index had registered a rise of 8.40%. UK retail price index ex-mort int. payments advance less than expected in March The retail price index ex-mort int. payments rose 0.90% on an annual basis in the UK, in March, compared to a rise of 1.00% in the prior month. Market anticipations were for the retail price index ex-mort int. payments to rise 1.00%. UK input producer price index rose surprisingly in March The non-seasonally adjusted input producer price index unexpectedly advanced 0.30% in the UK on a MoM basis in March, higher than market expectations for a drop of 0.40%. In the prior month, input producer price index had advanced by a revised 0.10%. UK retail price index advanced less than expected in March In the UK, the retail price index advanced 0.90% on an annual basis in March, lower than market expectations for an advance of 1.00%. In the previous month, the retail price index had risen 1.00%. UK input producer price index declined less than expected in March In March, on an annual basis, the non-seasonally adjusted input producer price index dropped 13.00% in the UK, lower than market expectations for a fall of 13.50%. Input producer price index had registered a drop of 13.50% in the previous month. UK retail price index advanced in March In March, the retail price index in the UK advanced 0.20%, on MoM basis, to a level of 257.10, compared to market expectations of 257.40. The retail price index had recorded a level of 256.70 in the prior month. UK output producer price index rose as expected in March The non-seasonally adjusted output producer price index rose 0.20% on a monthly basis in the UK, in March, at par with market expectations. In the previous month, output producer price index had registered a similar rise. UK core consumer price index rose less than expected in March On a YoY basis, the core consumer price index climbed 1.00% in March, in the UK, lower than market expectations for an advance of 1.20%.
At 0330GMT today, the GBP is trading 0.13% lower against the USD at $1.4762. Yesterday, the GBP strengthened 0.72% versus the USD, to close at $1.4781, recovering from its weakness earlier during the session after the nation’s annual rate of consumer inflation remained unchanged at a record low of 0% in March
Latest forecasts from the Centre for Economics and Business Research (Cebr) predict that average UK house prices will rise by 1.5% in 2015, an upward revision from January's forecast where the research body expected a 0.6% decline in prices. This reversal is largely due to stamp duty changes having a sooner-than-expected impact, it said in the report, while an improving labour market has boosted consumer spending power. Expectations have been revised up for nearly all regions in the UK, with London being the most notable exception - prices in the capital are expected to underperform those in the rest of the country, with a decline of 3.6% predicted for the year. Indicators such as fewer new buyer enquiries and longer selling times already point to falling prices. House price growth is expected to be stronger outside the capital than within it for the first time since 2009, as the decline in overseas investment (led by factors such as mansion tax concerns and the strength of sterling) will have minimal impact elsewhere in the country. "Outside of London, the outlook for house prices this year has improved after a few months when the market appeared to be coming off the boil," said Nina Skero, Cebr economist and main author of the report. "December's stamp duty changes, as well as rising household incomes, are lifting prices in many parts of the UK. In London, however, we expect prices to decline by 3.6%, driven by a significant weakening at the prime end of the market."
British Land announces it has completed the acquisition of One Sheldon Square, Paddington Central, for £210 million from the Employees Provident Fund, Malaysia. This brings our total investment at Paddington Central to 800,000 sq ft with a further 146,000 sq ft currently under construction at 4 Kingdom Street and 210,000 sq ft of consented future development at 5 Kingdom Street
Cameron to expand Right to Buy Tories look to Thatcher flagship policy to regain initiative from Miliband
Election uncertainty curtails household spending and firms’ investment, says Deloitte: Uncertainty over the looming general election has prompted more top finance Chiefs to cut back investment plans and jittery consumers to postpone spending, according to worrying new evidence.
Sales of top London homes down 40%: Sales of £2 million-plus properties in the most exclusive boroughs in London have tumbled by almost 40% as the prospect of a mansion tax and hefty increases in stamp duty stifle demand.
House price growth in the whole of the UK is about to outstrip London for the first time since 2009, a think tank reckons, after stamp duty and the mansion tax combined to scare buyers. Research published by the Centre for Economic and Business Research (CEBR) today suggests house prices in the capital will actually fall by 3.6 per cent in 2015, the first time they've dropped since 2009. By contrast, the UK as a whole will experience growth of 1.5 per cent. Much has been made of the stratospheric growth of London house prices in recent years - indeed, the CEBR reckons they rose 17.4 per cent last year, in comparison to the UK's rise of 10 per cent. But it seems those who regarded the capital's property market as a "safe haven" for their cash - many of whom were rich foreigners - may be deterred, after the chancellor introduced "hefty new" stamp duty charges during his Autumn Statement. Not to mention the mansion tax, which threatens to become a reality for homes worth more than £2m if the Labour party wins a majority at the election. Meanwhile, rising incomes across the rest of the country mean demand across the rest of the UK is likely to increase. As Nina Skero, the report's main author, pointed out: "After a few months when the market appeared to be coming off the boil, December’s stamp duty changes, as well as rising household incomes, are lifting prices in many parts of the UK." “In London, however, [a decline in prices will be] driven by a significant weakening at the prime end of the market. A potential mansion tax, reduced overseas interest and hefty new stamp duty rates have hit demand for high value property.”
Survey points to high business optimism and strong hiring plans: Businesses are planning to take on more workers over the coming months, according to survey figures released by accountancy firm BDO.
First-time buyers make the most of a sudden stall in house prices: First-time buyers snapped up 21,000 houses in February, taking advantage of a short-term blip in house prices, according to estate agents Reeds Rains and Your Move.
Buy-to-let rules investment market: Buy-to-let has been crowned the outstanding U.K. investment of the past 18 years after beating alternatives such as cash and shares
U.K. economy poised to welcome deflation for first time since 1960: Britain could fall into deflation this week for the first time in more than half a century, the result of an escalating supermarket price war and falling energy prices.
General election chaos could trigger ‘Lehman moment’ for pound: The pound faces a month of uncertainty that could see sterling plunge to levels not seen since the depths of the financial crisis, analysts have warned.
London house price slump predicted in role reversal: The property boom in London is expected to start losing some of its explosive power.
UK manufacturing production advanced as expected in February Manufacturing production recorded a rise of 0.40% on a MoM basis in February, in the UK, at par with market expectations. In the prior month, manufacturing production had registered a revised drop of 0.60%.
UK NIESR estimated GDP climbs in the January-March 2015 period NIESR estimated gross domestic product (GDP) in the UK climbed 0.60% in the January-March 2015 period. In the December 2014-February 2015 period, NIESR estimated GDP had estimated a similar rise.
Dreamland’s revamp fuels hope for resorts: Britain’s first seaside destination leads heritage revival with £18million backing: Britain’s seaside towns have long been a byword for faded glory and economic decay, with some of the highest rates of personal debt, bankruptcy and company failures. But if all goes to plan, in June one of those former seaside glories, Margate, in Kent, will see the reopening of its famous leisure park Dreamland after £18 million of investment and years of legal battles
Flood insurance scheme is put on ice: Ministerial sign-off for a long-awaited flood insurance scheme has been delayed until after the general election. The insurance industry had hoped the £180million-a-year Flood Re would be fully approved before 7 May, averting the risk of ministerial change, which could lead to a reconsideration of how the scheme works. Flood Re subsidises home cover for people living on floodplains, so insurers can offer them affordable premiums.
Weak construction set to slow GDP growth: Disappointing construction figures have left the Coalition parties facing a pre-election growth slowdown when the first quarter’s GDP figures are released just nine days before Britain goes to the polls. Output from Britain’s builders fell 0.9% in February, said the Office for National Statistics (ONS) - a big miss on the 2% growth that analysts had expected
British industrial production grew by just 0.1% in February after a 0.3% decline in January, which economists said indicated that UK economic growth slowed in the first quarter. The consensus forecast was for growth of 0.3%.
UK construction output extended its decline in February, as uncertainty surrounding the general election weighed on sentiment. According to figures released by the Office for National Statistics, construction output fell 0.9% in February, following a 2.5% decline in the previous month and falling way short of analysts' expectations calling for a 2% increase. Coupled with a disappointing reading in industrial output, the decline in construction production is set to weigh on Britain's gross domestic product in the first quarter. Having dropped 4.9% in January, the housebuilding sector declined by a further 1.2% month-on-month in February, data released on Friday showed. All types of new building work declined, With the exception of certain areas of public sector construction, pointing to weaker private sector investment in housing as well as industrial and commercial construction. Although analysts said the data looked likely to lead to UK first-quarter economic growth slowing, most remained confident that the slowdown was only temporary "The initial estimate of first quarter GDP could well surprise on the downside to register only modest growth, but that this initial reading will subsequently be revised higher to indicate reasonably robust growth, at least in line with that seen late last year," said Chris Williamson, chief economist at Markit. Sam Tombs at Capital Economics said the industrial and construction figures suggested GDP growth in the first quarter "may be disappointingly weak", with an initial estimate of GDP now looking set to reveal a slowdown to quarterly growth of around 0.4%. But he said the stimulus from lower crude prices, cheaper credit and somewhat stronger demand in the euro-zone left him optimistic that the UK economy is "on course for its best year since 2006".
The investment bank Jefferies downgraded UK property companies a few weeks ago over election fears, but has now U-turned, saying fears over the election are overblown. Analysts say the market's "pause for breath" they were expecting has failed to materialise, and upgraded UK property.
Strong pound could push Bank of England to cut interest rates: Interest rates were held at 0.5% by the Bank of England’s monetary policy committee (MPC), with economists predicting they will stay low for another year.
Development of Nine Elms clears a hurdle: St Modwen and the Covent Garden Market Authority reached an agreement for the redevelopment of the 57-acre development in Nine Elms, on the south bank of the Thames.