Factory activity shrinks as US tariffs bite; UK house prices drop – business live

Rolling coverage of the latest economic and financial newsHere’s some early reaction to the news that UK house prices dipped last month.Karen Noye, mortgage expert at Quilter, says affordability pressures are still weighing heavily on the housing market:“Last week’s property transaction figures pointed to relatively steady buyer demand, with July seeing 95,580 residential transactions – a 4% increase compared to the same month last year. However, the most recent inflation print has complicated the outlook for interest rates. Mortgage rates have been easing slightly but typical fixed deals remain around 4%, keeping monthly payments elevated, and higher inflation will make the path to lower interest rates even longer.“Speculation around potential reforms in the Chancellor’s upcoming budget, including possible levies on high-value homes or changes to capital gains tax on primary residences, could also cause hesitation among sellers. This would tighten supply further and paradoxically push prices higher, worsening conditions for new entrants to the market.“House prices have drifted lower since March as the market digests higher rates of stamp duty and supply continues to outstrip demand.Steady mortgage rates mean transaction numbers have improved over that time but the recent property tax speculation risks sending both sales and prices lower as buyers and sellers deal with pre-Budget uncertainty for the second year in a row.”“August’s marginal dip is no surprise, with the school holidays always proving disruptive for buyers and sellers. However, this is nothing more than a seasonal summer slump as our plans to move take a backseat in favour of holidays and longer days spent in the sun with family and friends.Now that September has arrived it brings with it a greater degree of normality where our day to day routines are concerned and so we should see momentum return quickly, with greater consistency in both market activity and house price growth.” Continue reading...

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