Annual house price growth accelerates to 2.2%, led by Northern Ireland
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
House prices in the UK were flat last month, as the market weakened amid the Iran war which sapped people’s confidence.
It is not surprising that the market has softened a little in recent months, given the uncertainty caused by developments in the Middle East and the subsequent rise in energy prices and market interest rates. Indeed, consumer confidence and measures of housing sentiment have weakened, and mortgage approvals fell noticeably in May.
While geopolitical tensions remain high, the signing of a memorandum of understanding between Iran and the US helped push oil prices back towards the levels prevailing before the conflict began.
If the energy shock continues to subside, the Bank of England may not need to raise interest rates, or at least by less than had previously been anticipated – a view reinforced by the fact that UK inflation has also been lower than expected in recent months.
10am BST: Eurozone inflation for June (flash)
2pm BST: Bank of England governor Andrew Bailey, ECB president Christine Lagarde and US Federal Reserve chief Kevin Warsh, Bank of Canada governor Tiff Macklem speak at ECB panel in Sintra, Portugal
3pm BST: US ISM manufacturing PMI for June
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Annual house price growth accelerates to 2.2%, led by Northern IrelandGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.House prices in the UK were flat last mo...
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