Futures slip, bank earnings ahead, Powell to speak - what’s moving markets
Investing.com -- UK house prices rose at a slower pace in July, with annual growth falling to 2.8% from 3.6% in June, according to data released Wednesday by the Office for National Statistics.
The deceleration in property price growth follows a two-year high reached in March, when buyers rushed to complete transactions before the expiration of a tax break on many house purchases.
The housing market has since cooled, with July’s annual increase marking a significant slowdown from the spring peak.
In the rental market, private-sector annual growth also eased, dropping to 5.7% in the 12 months to August from 5.9% in July. This represents the smallest yearly increase in rental prices since December 2022.
The moderation in both house price and rental growth suggests a gradual cooling in the UK property market after the earlier surge in activity.
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