Insider Business UK house prices stagnate ahead of Brexit - Nationwide

UK house prices stagnate ahead of Brexit – Nationwide

British house prices rose by just 0.1 percent in annual terms in January, their weakest increase in nearly six years, adding to signs of a slowdown in the country’s housing market ahead of Brexit, data from mortgage lender Nationwide showed.

Nationwide said the housing market’s loss of momentum reflected the unusually “uncertain economic outlook” but if the economy grew modestly, house prices on a national level would probably grow “at a slow single-digit pace” this year.

In monthly terms, prices rose by 0.3 percent.

Britain is due to leave the European Union on March 29 but Prime Minister Theresa May, under pressure from her own Conservative Party, says she wants to change a key part of the withdrawal agreement she struck with the rest of the bloc.

That has raised the prospect of an economically damaging no-deal Brexit.

Britain’s housing market has slowed since the Brexit referendum in June 2016 when Nationwide estimated house prices were rising by around 5 percent a year.

Surveys published earlier on Thursday showed British consumers remained their gloomiest in five-and-a-half years and businesses were also downbeat.

Economists who took part in a Reuters poll of economists ahead of Nationwide’s data had expected prices to be flat when compared with January last year and to rise by 0.2 percent in monthly terms.

(Reuters)

Top Stories

Coronavirus: 109 new cases, two deaths on Tuesday

The Health Ministry on Tuesday announced the death of two people in Cyprus due to Covid-19. This raises the Mediterranean island’s death toll from the...

Health Minister to announce process of covid measures relaxation on Wednesday

Health Minister Constantinos Ioannou on Wednesday will announce the way the strict coronavirus measures now in effect in Cyprus will be gradually relaxed after...

Scientists in Greece find 20 million year-old petrified tree

Greek scientists on the volcanic island of Lesbos say they have found a rare fossilized tree whose branches and roots are still intact after...

Turkey bans parties at ski resorts after Covid curfew backlash

Turkey has banned music and parties at ski resorts after footage of crowded party scenes provoked anger in a country which has endured two months...

EMGF Agreement set to be ratified on Thursday

The House Foreign Affairs Committee on Tuesday decided to speed up the ratification of the Intergovernmental Agreement on the Statute of the East Mediterranean...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...