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UK retail price index advanced less than expected in May In May, the retail price index registered a rise of 1.00% on an annual basis in the UK, compared to an advance of 0.90% in the prior month. Markets were expecting the retail price index to climb 1.10%.
UK house price index climbed in April In April, on an annual basis, the house price index in the UK recorded a rise of 5.50%. In the prior month, the house price index had registered a rise of 9.60%.
UK input producer price index declined more than expected in May The non-seasonally adjusted input producer price index eased 12.00% on an annual basis in May, in the UK, compared to a revised drop of 11.00% in the prior month. Markets were expecting input producer price index to ease 11.30%. UK output producer price index fell as expected in May On a YoY basis, the non-seasonally adjusted output producer price index in the UK dropped 1.60% in May, at par with market expectations. Output producer price index had fallen 1.70% in the previous month.
he UK has risen out of deflation as the Consumer Prices Index rose by 0.1 per cent in May, after one-month of negative inflation in April. The year to May saw a rise in prices compared to the 0.1 per cent fall in the year to April, with petrol prices being blamed for the bulk of the drop in prices. May saw a significant rise in transport costs, food and motor fuel prices, pushing the figure up. However, core inflation was only 0.9 per cent, after hitting a low of 0.8 per cent in April, which gives some cause for concern. “We doubt that deflation will recur in the UK, although it cannot be completely ruled out if oil prices take a renewed appreciable downward lurch,” says Howard Archer, chief UK and Europe economist at IHS Global Insight. “We believe it is most likely that consumer price inflation will hover just above zero through the summer and then start heading decisively up from the autumn. This should be the consequence of base effects becoming less favorable, firmer oil prices overall, earnings growth picking up, and excess capacity in the economy diminishing,” he adds. However, investors should still be wary of the figures, says Kevin Doran, CIO at Brown Shipley. “With inflation rebounding out of negative territory, we could now see a steady rise as asset price inflation filters across and into real world inflation. Importantly however, I haven’t seen markets pricing a further rise and its potential risks correctly – I for one am avoiding fixed income, in part because of naïve inflation projections,” he says.
Unite fund buys student digs for £271 million: Unite’s UK Student Accommodation Fund (USAF) said that it has snapped up a 2,100-bed portfolio for £271 million in its first deal since its £306 million fundraising last month.
Landlords ‘in tears’ over ‘hidden’ estate agency costs following Foxtons case: The landlord at the centre of a dispute with Foxtons over a £616 bill to repair a light fitting has said more than 100 landlords and tenants have contacted him with concerns over how estate agents operate.
Investors driving world property market values to hit $13.6 trillion: The total value of the world’s property markets hit a record high of $13.6 trillion in 2014, up 4% year on year, as investors poured cash into real estate assets around the world
Investors from all over the globe join the student digs frenzy: Frenzied investor appetite for student accommodation in the U.K. saw more than £670 million of deals agreed
Half-built stump to rise to new heights: Construction of the building formerly known as the Pinnacle was halted in 2012 during the property slump, with only the foundations, basement and lift core to level nine completed. It was dubbed the Stump.
Helical Bar wins tenant for former Shoreditch carpet factory: Helical Bar has pre-let two thirds of its Shoreditch-based C Space office block to DLKW Lowe. The creative advertising agency, which counts Unilever and
No end in sight for house price boom: Average asking price for a London home soars to more than £600,000
Rush to buy after Conservative victory pushes house prices to record: House prices have shot up to record highs after the Conservative election victory triggered a rush to buy in an overcrowded market.
Wages predicted to increase at fastest rate since financial crisis: Real wages are expected to have grown by their fastest rate since October 2007, according to official figures published later this week.
London faces council housing wipeout: Labour has accused the Tory government of “social cleansing” in central London by forcing councils to sell off their most expensive homes as they fall vacant in the coming years.
Sell-off of council houses will raise less than Ministers expect: Ministers have overestimated how much money they can raise from a mass sell-off of council houses — designed to pay for a big extension of Right to Buy — according to an exclusive data analysis for the Financial Times.
UK construction output advanced more than expected in April Construction output advanced 1.50% on an annual basis in April, in the UK, compared to a revised rise of 5.00% in the prior month. Markets were anticipating construction output to rise 0.50%
Commercial construction ‘buoyant’ as new starts soar: The commercial construction sector in Scotland outperformed almost every other region in the U.K. in the first quarter of the year, new figures have revealed.
U.K. growth outlook brighter after new construction data: Britain’s economy grew faster than previously thought in the opening months of this year, according to estimates from the Office for National Statistics, after it emerged that the construction sector had a better start to 2015 than feared
Robots, migrants and millenials to build much-needed British homes: The housebuilding industry needs to recruit one million more construction workers in the next five years if Britain is to stand a chance of tackling the housing crisis, according to a new report.
Aviva sells Property Empire: Aviva has kicked off a mammoth sale of £2.5 billion of property loans, including debt secured against the House of Fraser store in Manchester and a Rolls-Royce depot in Derby.
Britain's economy grew more than previously estimated in 2014 and in the first six months of the year, the Office for National Statistics (ONS) said. According to figures released on Friday, gross domestic product rose 3.1% in 2014 compared with a previous estimate of 2.8%. ONS said it has changed the way it calculates price changes in the construction sector and its method for seasonal adjustments to the data. Construction output in the first three months of the year was revised to a 0.2% decline compared with an initial reading that had estimated a 1.1% drop. In April, construction output fell 0.8% month-on-month, while it rose 1.5% year-on-year, a sharp decline from a 5% increase in March. The slowdown in the first quarter of 2015 was largely attributed to the uncertainty surrounding the outcome of the General Election on 7 May, while last week the Bank of England lowered its growth forecasts on the back of a weaker outlook for house-building. Figures released on Friday showed that housebuilding rose 5.4% month-on-month in April after declining by a revised 2% in the first quarter, the biggest drop in almost three years.
Supply & demand further imbalanced The latest RICS Residential Market Survey has revealed growing imbalance between supply and demand, which has helped to further accelerate house price inflation over the month. The headline balance edged up to +34 from +32 last month, with the rate of price growth having quickened for the fourth consecutive month. Tight supply conditions continue to be a key factor with fewer new instructions to sell, and average stocks per surveyor have fallen to a new record low (52 properties) - down by 12% since the start of the year. Meanwhile, new buyer enquiries increased in May after several months of remaining broadly flat, with 10 out of 12 areas surveyed registering a pick-up in enquiries. This could have fuelled the substantial uptick in near-term price expectations, with the net balance of surveyors expecting prices to rise (rather than fall) over the next three months increasing to +38 from +17 previously.
CBRE says U.K. exit of European Union will hurt property sector: An exit from the European Union could hurt property investment to the U.K. and damage London’s status as a world financial centre, a survey of investors has warned.
Prime central London lifts Cadogan’s fortunes: Soaring London property prices helped the Earl of Cadogan’s family, which owns large swathes of Chelsea and Knightsbridge, to add £36 million to its fortune after the value of its portfolio topped £5 billion.
Stamp duty burden on homebuyers keeps rising as lifetime average hits £10,000: Homebuyers are on average spending almost £10,000 on stamp duty during their lifetime, with those in London paying almost £40,000.