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Unexpected Pick Up of UK House Prices

British house prices rose by 2.1% month on month in August after a subdued 0.6% increase in July, despite the phasing-out of a tax break for purchases in England and Northern Ireland, figures from the mortgage lender Nationwide showed on Wednesday.

House prices in August were 11.0% higher than a year ago, a bigger increase than the 10.5% rise Nationwide recorded in July and bucking economists’ expectations in a Reuters poll for a slowdown to 8.6%.

Mark Harris, chief executive of mortgage broker SPF Private Clients added: “With another month to go until the stamp duty holiday expires, there is still plenty of activity in the housing market.

“Property prices are rising due to lack of stock, while cheap borrowing rates give borrowers confidence to go after the property of their dreams in the race for space. We heard earlier this week from the Bank of England that savings deposits have increased significantly, giving lenders even more ammunition when it comes to offering rock-bottom rates.

Wednesday 1^st September High Impact Events

Times are GMT+3

• 10.55 – Europe – German Final Manufacturing PMI

Potential instruments to Trade: EUR Crosses. 

• All-Day – OPEC Meetings

Potential instruments to Trade: All Currencies. 

• All-Day – OPEC – JMMC Meetings

Potential instruments to Trade: All Currencies. 

• 15.15 – US – ADP Non-Farm Employment Change

Potential instruments to Trade: USD Crosses.

• 17.00 – US – ISM Manufacturing PMI

Potential instruments to Trade: USD Crosses.

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