UK house prices tumble 11%
New figures show that all price gains since June 2006 have now been wiped out in a stark display of the speed at which Britain’s housing market is deteriorating
August 7, 2008
Bank holds UK interest rate at 5%
The Bank of England keeps its key interest rate at 5% as it weighs up the slowing economy with inflation worries.
House prices ‘fell 1.7% in July’
The Halifax says house prices fell 1.7% in July, with the average property price now 8.8% lower than at the same point last year.
House prices down 1.7% in July
UK house prices fell by 1.7% in July according to the Halifax House Price Index, underscoring the impact of restrictive credit on the housing market. The average house price has fallen 11% over the past year
Bank of England holds rates at 5%
The Bank of England’s monetary policy committee left interest rates unchanged at 5%, as expected, after evidence of a weakening economy left it little scope to toughen its stance against rising inflation. Most analysts think rates will remain unchanged until the end of the year
Barclays profits slide after £2.45bn charges
Pre-tax profits at the bank fell by a third to £2.75bn, with the biggest fall coming at its Barclays Capital investment banking arm. Impairment charges and credit provisions totalled £2.45bn and John Varley, chief executive, called the results ‘acutely disappointing’
Which way do the numbers point now?
The popping of the real-estate bubble offers a lesson on heeding the information at hand. In the coming months, the numbers say tighter credit will put the squeeze on many otherwise stable companies.