Economic news

UK House Prices Rise for Fifth Month in July, ONS Says

LONDON, Sept 18 (Reuters) - British house prices rose by an annual 2.2% in July, the fifth monthly rise in a row but the pace of increase cooled and was below a revised 2.7% increase in the 12 months to June, the Office for National Statistics said on Wednesday.

The ONS said house prices in London fell 0.4%.

Other indicators of Britain's property sector have shown a recovery as demand improved after a cut in borrowing costs.

But no change in British consumer price inflation in data published earlier on Wednesday prompted investors to trim expectations of a cut in interest rates by the Bank of England on Thursday.

The ONS also said its gauge of private rents rose by 8.4% in the year to August.

Reporting by Suban Abdulla, editing by Andy Bruce

Source: Reuters


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