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House prices fall for the first time in a year – live updates



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Ggood morning.

After months of relentless growth, house prices have finally fallen.

The latest figures from Halifax show that prices fell 0.1 percent in July, the first drop since June 2021. The average home value was £293,221, which is still 11.8 percent higher than a year ago .

The decline reflects the impact of a deepening cost of living crisis as inflation rises and the economy heads into recession.

It also comes amid rising borrowing costs, with the Bank of England delivering its largest rate hike in 27 years yesterday, after warning inflation will top 13 percent later in the year.

5 things to start your day with

1) Runaway inflation raises doubts about the Bank’s power to save the economy Andrew Bailey risks collision with Downing Street as recovery is far from in sight

2) West strengthens grain storage across border with Ukraine as war threatens harvest Neighboring countries want to prevent vital supplies from rotting amid Russia blockade

3) Gordon Ramsay’s restaurants cut 300 jobs after lockdowns push losses to £7m Celebrity chef’s business saw losses mount as revenues fell in 2021

4) Taxpayer Takes Stake In Helium Airship Maker Backed By Iron Maiden Singer Hybrid air vehicles would have received £900,000 from the Future Fund

5) Three charts showing the economic disaster facing Britain These are the factors behind the bleak outlook for the UK as the recession beckons

What happened overnight?

Tokyo stocks closed higher this morning. The benchmark Nikkei 225 index opened flat, then climbed 0.2 percent, while the broader Topix index was 0.3 percent higher.

Hong Kong shares extended gains to a third day, with the Hang Seng index losing 0.5 pc. added.

The Shanghai Composite Index rose 0.2 percent, while the Shenzhen Composite Index rose 0.3 percent on China’s second exchange.

coming today

  • For Business: Hargreaves Lansdown (year results); London Stock Exchange, WPP (interim); Pets at home (trading update)
  • Economy: Halifax House Price Index (UK), Nonfarm Payrolls (US), Unemployment Rate (US), Average Hourly Wage (US)




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