{"id":4889,"date":"2023-12-07T09:20:37","date_gmt":"2023-12-07T09:20:37","guid":{"rendered":"https:\/\/hcfx.sofyma.com\/?p=4889"},"modified":"2023-12-07T09:20:38","modified_gmt":"2023-12-07T09:20:38","slug":"uk-house-prices-bank-of-canada-eurozone-retail-sales-and-todays-events","status":"publish","type":"post","link":"https:\/\/hamiltoncourtfx.com\/es\/uk-house-prices-bank-of-canada-eurozone-retail-sales-and-todays-events\/","title":{"rendered":"UK House Prices, Bank of Canada, Eurozone Retail Sales, and Today’s Events"},"content":{"rendered":"
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UK House Price Index<\/h2>\n <\/div>\n
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According to the Halifax house price index, average property prices fell 1% on a year-on-year basis over the UK in November. This now brings the average house price in the UK to \u00a3283,615. The was a strong regional divide with property prices in Northern Ireland rising 2.8% while prices in London fell 3.8%. South East England experienced the greatest drop, falling 5.7% on an annualised basis. On a month-on-month basis house prices rose 0.5%, representing the second monthly rise in a row, which in cash terms this equates to \u00a31,394.<\/p>\n

Commenting on the data, the Director of Halifax Mortgages, Kim Kinnaird, wrote that \u201cthe resilience seen in house prices during 2023 continues to be underpinned by a shortage of properties available, rather than any significant strengthening of buyer demand. That said, recent figures for mortgage approvals suggest a slight uptick in activity levels, which is likely as a result of an improving picture on affordability for homebuyers.\u201d<\/p>\n

On the topic of house building, according to the BBC, in both 2021-22 and 2022-23 the number for net additional dwellings was just under 235,000 a year. This marked a marginal increase from the 217,754 dwellings built in 2020-21 but is still a miss on the 300,000 a year committed by the Conservative Party in their 2019 manifesto.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n

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Bank of Canada Hold<\/h2>\n <\/div>\n
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Yesterday, the Bank of Canada met market expectations in leaving rates unchanged at 5%. This marked the third consecutive hold, and came as Ottawa saw inflation fall from 3.8% in September to 3.1% in October. The hold further raised convictions that the BoC have reached their terminal rate. Policy makers are also forecasting inflation to hover around 3.5% throughout the middle of next year.<\/p>\n

The Bank of Canada\u2019s press release stated that \u201cHigher interest rates are clearly restraining spending: consumption growth in the last two quarters was close to zero, and business investment has been volatile but essentially flat over the past year.\u201d<\/p>\n

Regarding growth, the central bank noted that real GDP fell 1.1% over Q3 and stated that \u201cThe slowdown in the economy is reducing inflationary pressures in a broadening range of goods and services prices\u201d.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n

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Eurozone Retail Sales<\/h2>\n <\/div>\n
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Yesterday morning, Eurozone retail sales came in marginally lower than expected after seeing a 1.2% contraction over October on an annualised basis. Retail sales on a month-on-month basis grew 0.1% however, which despite coming in marginally softer-than-expected, represented a break from the four previous monthly declines. Online sales also saw significant growth, rising 2.2%.<\/p>\n

The data also indicated that there was a significant disparity in retail sales across the eurozone. For example, in the Netherland\u2019s retail sales grew 2.4% and 1.1% in Germany, while retail sales fell 1% in France.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n

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Today\u2019s Events<\/h2>\n <\/div>\n
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Today\u2019s main events include Eurozone employment change figures released at 10:00. This comes at the same time as Eurozone GDP figures for Q3 are released, though this is a final reading. Focus will then turn to the US with the release of initial jobless claims at 1330. Japanese growth figures for Q3 is then released at 23:50 where the general market consensus is forecasting a contractionary print of -2.1%.<\/span><\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

UK average property prices fell in November, expectations met by the Bank of Canada, lower than expected Eurozone retail sales, and what’s happening today.<\/p>","protected":false},"author":15,"featured_media":2144,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"rp-language":[16],"class_list":["post-4889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-morning-updates","rp-language-en_gb"],"_links":{"self":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts\/4889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/comments?post=4889"}],"version-history":[{"count":4,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts\/4889\/revisions"}],"predecessor-version":[{"id":4893,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts\/4889\/revisions\/4893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/media\/2144"}],"wp:attachment":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/media?parent=4889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/categories?post=4889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/tags?post=4889"},{"taxonomy":"rp-language","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/rp-language?post=4889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}