UK housing ‘stable’ in May as prices dip 0.1% – business live

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Key events

Introduction: UK location prices unchangeable successful May

Good morning, and invited to our rolling sum of business, nan financial markets and nan world economy.

Stability has returned to nan UK lodging market, nan latest information from lender Halifax shows, pinch prices dipping somewhat past month.

Halifax’s latest location value index, conscionable released, shows that mean prices were small changed month-on-month successful May,

The mean location prices slipped to £288,688 past month, a 0.1% driblet compared to £288,862 successful April.

But connected an yearly basis, location value ostentation roseate to +1.5% successful May, up from +1.1% successful April.

A floor plan showing Halifax location value index
Photograph: Halifax

Rising wages and a pick-up successful economical assurance are supporting location prices, says Amanda Bryden, caput of mortgages astatine Halifax.

Bryden explains:

This has been reflected successful a broadly unchangeable image successful position of spot value movements, pinch nan mean costs of a spot small changed complete nan past 3 months.

Bryden adds that a play of comparative stableness successful some location prices and liking rates should assistance assurance for some buyers and sellers.

While homebuyers and those remortgaging will proceed to respond to changes successful borrowing costs, group against a backdrop of a constricted proviso of disposable properties, nan marketplace is improbable to spot immense fluctuations successful nan adjacent term.

Last week, rival lender Nationwide reported a emergence successful prices past month.

It’s important to remember, though, that some Halifax and Nationwide’s information is based connected owe transactions, truthful doesn’t seizure rate buyers.

Also coming up today

UK entrepreneur Mike Lynch will beryllium celebrating aft being cleared of each charges by a US assemblage successful a fraud lawsuit related to nan waste of his package institution Autonomy to Hewlett-Packard (HP) successful 2011.

Investors are poised for nan latest US jobs report, which is expected to show nan unemployment complaint stuck astatine 3.9% successful May.

The agenda

  • 7am BST: Halifax location value scale for May

  • 7am BST: German business output study for May

  • 10am BST: Third estimate of eurozone GDP for Q1 2024

  • 1.30pm BST: US non-farm payroll study for May

Source theguardian